Oakman wrote:
the final transaction simply shows a higher price from the item which hides the manufacturer's .02 and the Supplier's 0.10 and detailing only the retailer's .03
I see where you are coming from. No, the retailer's VAT Receipt or Invoice would show the VAT as 10%, because that is what has been collected on behalf of the government: $1.50 goods + $0.15 VAT = $1.65. ** The retailer then pays the government the $0.15 collected from the customer, and reclaims from the government the $0.12 paid to the manufacturer, a net payment of $0.03. ** Having said that, there is no requirement for a retailer's till receipt show an analysis of the cost of goods and the VAT charged - although many do. However, if a customer wished to reclaim VAT, the retailer would have to provide a detailed VAT Receipt or Invoice.
2011 - Our best hope is that things will be frightening and dangerous rather than desperate and horrific. Jesse's Café Américain