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The Tax rate for your store is set here. Your store will be set to the default country value but you are able to edit the value can be edited here (should tax rates change).

It should be noted that taxes are set at a global level for each country, so these settings cannot be amended on a store-by-store level.

Setting a new tax rate

Navigate to the tax section by selecting Payment Options>Taxes

By pressing the "create" button you will be presented with the below screen:

Here you can give your new tax a name (e.g. VAT), set a code to be able to identify it and set the percentage at you wish the tax to be.

It is possible to set up multiple tax rates from this section.