Does 7k charge sales tax on purchases?

As part of the 2018 Wayfair Act, 7k Metals is required to collect and remit sales tax on orders shipped to certain states where we exceed the specified sales thresholds, even if we do not have a physical presence in those states. This law aims to create a more level playing field for traditional brick-and-mortar stores and online retailers regarding sales tax collection.

The effect that this law will have on each of 7k members will vary. At the time of checkout, sales tax is computed by a reputable third-party taxation software that takes into account the delivery address and the products purchased on each and every order. Some states have full exemptions for the purchase of precious metals, while others have limited exemptions, and although we dislike it, some states have no exemptions. Ultimately, the sales tax rate for each state is determined by the state's tax regulations and may include state-level taxes, local taxes, and in some cases, special district taxes.

Updated on: 04/08/2023