OT was: [cobalt-users] Memory pricing

[Dom Latter <DLatter@xxxxxxxxxxxxxxx>]

This is way way way off-topic but I *hate* to see inaccuracies
go un-corrected.  With any luck this will be the end of it.
(Maybe we need a cobalt-users-off-topic list?)

> Value Added Tax; it's much simpler to figure/collect than the U.S.
> "sales tax" system.  There are no exemptions.  Everyone who sells a
> product sells adds the percentage of VAT on the difference 
> between what he bought it for and what he sold it for.  So there's 
> no such thing as a "wholesale" exemption.

Sort of.  The retailer will add 17.5% (yes, ouch) to his / her selling 
price.  The wholesaler will also have added 17.5% to his / her price.
The retailer will be able to reclaim *that* tax, so they effectively 
pay a non-VAT price.

Some goods are "zero-rated", i.e. they attract no VAT.
Children's shoes, that sort of thing.

More than you want to know at:
http://www.hmce.gov.uk/notices/700conts.htm