Navigating the Minefield of IoT Taxes
Understanding IoT Taxes
1. IoT sensors transmit data – and data is often subject to sales tax as an information service.
2. Many businesses, which have never had to navigate the world of economic nexus, are now faced with having to do so, in order to meet their legal obligations.
3. Organizations that do not fully understand all that is required when it comes to IoT taxes, run the risk of handling transactional tax incorrectly. This can be detrimental to their business model and can lead to a negative financial impact, such as audit penalties and fines and even the possibility of having to suddenly raise prices to cover costs.
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