Tax & Currency Settings
To edit tax and currency settings click on Settings on
the admin menu and click the Taxes & Currency link.
Tax Rates
To add a new tax rate simply enter the percentage
value and click the [Add Tax Rate] button.
To remove a tax rate simply select it and click the
[Remove Selected Rates] button. You can select
multiple tax rates by holding [CTRL] on your
keyboard.
Note that products will retain their current tax rate
even if it is removed here. So you may need to
modify each product or batch update multiple
products with a new tax rate.
Price Settings
Here you can change the currency for your product
prices and orders etc.
If you are selling products business to business then
you might want to display your prices excluding tax.
To do this check the B2B check-box. If you are selling
to general consumers it is usually better to leave this
unchecked and display your prices with tax included.
CMS Help - Tax & Currency Settings