Common MarketThe first chapter deals mostly with the definition and pecularities of the so-called Common Market, formed from countries of European Union. The Common Market encloses European Union of Coal and Steel, European Economic Union and European Nuclear Energy Union. Since 1967 the European Union has the following non-national and intergovernmental bodies: Cabinet of Ministers, Commission of European Unions, European Parliament and Council of European Unions.Before the 1970, the countries of European Union were supporting the budget of European Union at the cost of their national budgets. Since April 1970, the Common Market holds its own resources independently from budgets of supporting countries. This fact makes the administrative bodies of European Union independent.2. Tax SystemCommon to Europe and all the world is the tax system which includes all or most of the following taxes: Income tax, Corporation tax, Trade tax, Turnover tax, Property tax, Heritage tax, Purchase of Land tax.3. International Concerns, Transnational Corporations and their policiesThese include the definite politics in the field of profitability of foreign branches. The policy is aimed to gain high profits in countries with comparatively low taxes, and in the countries with high taxes the accumulated profit must be lower. The common goal of transnational corporations is, of course, to preserve the liquidity and profitability of foreign branches. Thus such branches are required to send certain information to the main office each month or each quarter.4. World Currency SystemEuropean Market is a sum of currency operations which are done at the free world market outside of native country. The international currency terminology distinguishes such currency markets as: currency markets, where the trade of foreign currencies is done within the home country, and the euromarket, where the trade of foreign currencies is done outside of the home country.5. How to ...
