On Sun, 21 Mar 2004 17:02:39 -0800, Peter Bennett
wrote:


VAT is "Value Added Tax" - a form of sales tax common in the UK and
Europe.


Isn't the idea of VAT that the product is taxed EVERY time it is
increased in value, instead of just a sales tax to the end user? I.e.
the ore is refined...vat...the metal is rolled...vat...the rolled
metal turned into a widget...vat...the widget goes to a
distributor...vat...the distributor jacks up the price and sells it to
a wholesaler...vat...the wholesaler jacks it up and sells it to the
merchant...vat...the merchant sells it to you...vat. Isn't that how
it works at every station where it changes hands from one company to
the next....every time value is added to the product?



Larry W4CSC
POWER is our friend!