European Tax Practice in VAT Application - Analytical Aspects

The European Union is among the largest supranational economic and integration structures whose main priority is to create conditions for free movement of capital, goods and labour within the single market. Taxation is one of the most complicated and controversial problems of the economic policy of the Union, as taxes are the main source of budget revenues and their value largely depends on the budget and social policies of the specific Member State, as well as the Community. As a major source of revenue budget for both the national and the European fiscal systems, value added tax creates the necessity for thorough examination and analysis of the specifics of its regulations and the amount of the applicable in EU tax rates