+27 North Carolina Sales Tax Rate 2023

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What You Need to Know About the North Carolina Sales Tax Rate in 2023

Introduction

If you're a resident of North Carolina or a business owner operating in the state, it's important to stay up-to-date on the latest sales tax rates. In 2023, there have been some changes to the North Carolina sales tax rate that you should know about. In this article, we'll cover what the sales tax rate is, how it's calculated, and what the recent changes mean for you.

What is the North Carolina Sales Tax Rate?

The North Carolina sales tax rate is a percentage of the purchase price of goods and services sold within the state. The current sales tax rate in North Carolina is 6.75%. This means that if you purchase an item for $100, you'll pay an additional $6.75 in sales tax.

How is the North Carolina Sales Tax Rate Calculated?

The North Carolina sales tax rate is calculated based on the purchase price of goods and services. The rate is currently 6.75%, but it can vary depending on the type of item being sold. For example, the sales tax rate on prepared food is 7%, while the sales tax rate on motor vehicles is 3%.

Recent Changes to the North Carolina Sales Tax Rate

In 2023, there have been some changes to the North Carolina sales tax rate that you should know about. One of the biggest changes is the introduction of a new marketplace facilitator law. This law requires certain online marketplaces to collect and remit sales tax on behalf of their third-party sellers. This means that if you sell products on a marketplace like Amazon or eBay, you may no longer be responsible for collecting and remitting sales tax.

How Does the Marketplace Facilitator Law Affect You?

If you're a seller on a marketplace that is required to collect and remit sales tax, the new law will likely make your life easier. You'll no longer need to worry about calculating and collecting sales tax on your own, as the marketplace will handle it for you. However, it's important to note that not all marketplaces are required to comply with the law, so you should check with your specific platform to see if they will be collecting sales tax on your behalf.

What About Remote Sellers?

If you sell products remotely (i.e. not through a marketplace), you may still be responsible for collecting and remitting sales tax. However, the threshold for when you need to start collecting sales tax has increased. Previously, remote sellers were required to collect sales tax if they made more than $100,000 in sales or had more than 200 transactions in North Carolina. Under the new law, the threshold has been raised to $500,000 in sales or 200 transactions.

What About Consumers?

As a consumer, the recent changes to the North Carolina sales tax rate shouldn't affect you too much. You'll still be responsible for paying sales tax on purchases you make within the state, but you won't need to worry about collecting or remitting sales tax yourself.

Conclusion

In conclusion, the North Carolina sales tax rate is an important factor to consider for both businesses and consumers in the state. With the recent changes to the marketplace facilitator law and the threshold for remote sellers, it's important to stay up-to-date on the latest regulations. Whether you're a seller or a buyer, understanding the North Carolina sales tax rate can help you make informed decisions and avoid any potential legal or financial issues.

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