Back in 1959, Barbie took her first plastic steps to become the cultural icon that she is today. Living in that Barbie world meant driving to your local toy store and physically purchasing the doll and accessories. Physical products like this were and still are subject to sales tax, meaning the consumer pays tax at the time of sale and that tax is later remitted back to the jurisdiction by the retailer. But the same way that Barbie has evolved and expanded her wardrobe, sales tax has become more complicated.
For example, if you are a Floridian consumer, get ready for the upcoming Florida sales tax holiday, where toys (like physical Barbies) are considered a necessity and qualify for tax exemption during purchase. It’s the perfect time to get your Barbie Dreamhouse! On the other side of the selling coin, retailers must ensure they are prepared for the ins and outs of tax events and requirements. With a Barbie sold every three seconds, it’s imperative that retailers keep up with tax requirements so sales can flow smoothly.
Source: SOVOS
