Measures brought into force by the EU on 1 January 2003, creating an area without internal frontiers in which the free movement of goods, persons, services and capital is ensured. This required important changes to the way VAT and some excise duties are charged and accounted for. HM Customs & Revenue Glossary
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single market UK US noun [C, usually singular] (also internal market)
► ECONOMICS, POLITICS the system of free trade that exists between countries belonging to an economic area such as the European Union: »
The court said that British tax laws broke European single market rules.
»create/develop a single market
Financial and business terms. 2012.