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Dec 19, 2024
What are the implications of the 2024 sales tax rate increase and changes in exemptions for Massachusetts businesses?
The 2024 increase in Massachusetts' sales tax rate to 6.5% necessitates adjustments in pricing and tax collection systems for businesses. This may lead to higher costs for consumers, potentially affecting sales volumes. Expanded exemptions, such as including over-the-counter medications and taxing digital goods, require businesses to update their tax application and reporting practices. Ensuring accurate tax calculations and compliance with new regulations is essential to avoid penalties and maintain customer trust.



