What is a Foreign-Trade Zone?
In the United States, the federal government has the authority to approve the creation of a foreign- trade zone (FTZ). The creation and development of individual zone projects, such as York Zone 147, are usually the result of combined efforts from private and public sector entities. York Zone 147: http://ftz147.org/ Foreign-Trade Zones are treated as being outside the Customs Territory of the United States for the purposes of tariff laws and Customs entry procedures. Therefore foreign and domestic merchandise may be admitted into zones for storage, exhibition, assembly, manufacture and processing, without being subject to formal Customs entry procedures, the payment of Customs duties or the payment of federal excise taxes. When merchandise is removed from a foreign-trade zone, Customs duties may be eliminated if the goods are then exported from the United States. If the merchandise is formally entered into U.S. commerce, Customs duties and excise taxes are due at the time of transfer f
Related Questions
- Can I, as a Mexican foreigner, purchase property within the restricted zone under a Mexican Corporation entity?
- Is PN required for merchandise subject to the BTA that is being admitted to a Foreign-Trade Zone (FTZ)?
- How have various trade agreements affected the need for the foreign-trade zone program?
