Sure.
In summary, Squarespace works the way you've described, but only if you show ex-VAT prices. If you show inc-VAT prices, it does not.
When VAT inclusive prices are shown, Squarespace does not handle VAT correctly for different taxable locations. Your '£120 inc-VAT' product will be charged at £120 regardless of the country; Squarespace will just adjust the proportion of the price that is tax.
VAT exclusive prices
If you go to Commerce > Taxes and choose 'Add at checkout' VAT won't be included on product pages. They'll show ex-VAT prices. VAT will be added at the checkout for the taxable locations you specify.
For example, if you add the UK as a 'taxable location' then VAT will only be added on the checkout page when the billing/delivery address in the UK. If Spain is selected, VAT will not be added. Here's an example:
However, if you select 'Include in price' to show VAT inclusive prices, it all falls apart. Here's the same example with VAT-inclusive prices shown.
I hope this explanation helps.
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