CASH FLOW
Customs duties are paid only when imported merchandise is shipped into US Customs territory. Merchandise may be held in inventory in a FTZ without Customs duty payment... this results in cash conservation.
EXPORTS
Goods imported and stored in a foreign trade zone may be re-exported without ever incurring customs duties, avoiding the lengthy drawback procedures.
INVENTORY TAXES
By Federal statute, tangible personal property imported from outside the U.S. and held in a FTZ, and tangible personal property produced in the U.S. and held in a zone for exportation are not subject to state and local ad valorem taxes. Most State and County tax authorities exempt all merchandise in a FTZ from inventory taxation.
COUNTRY OF ORGIN MARKING-LABELING
Correct marking and/or labeling may be applied on merchandise in a FTZ that is not labled, or is incorrectly labled. This can substantially reduce expenses for improper marking on goods entering the U.S.
GOODS AT HAND
In addition to cash flow savings, merchandise shipped in bond to a nearby FTZ allows you close control over your goods as well avoiding costly financial and import services. Working with your bank, your customs broker and with your merchandise all in the same area may save you time and money.
U.S. QUOTA APPLICATIONS
Most merchandise may be held in a FTZ even if subject to U.S. quota restrictions. Merchandise may be also substantially transformed in a FTZ into a non-quota item freeing the transformed merchandise of quota restrictions.
TRANSFER OF TITLE
Title to merchandise may be transfered in a FTZ as long as there is no retail sale. QUALITY CONTROL The FTZ may be used to inspect product to meet proper specifications before duty is paid. Product not meeting specifications can be repaired, re-exported or scrapped without duty payments.
INTERNATIONAL RETURNS
Previously exported goods that have been returned may be held in a FTZ for disposition avoiding drawback procedures and insuring only American goods are returned.
LABOR, OVERHEAD AND PROFIT
Production or assembly operations within a FTZ can result in significant savings. By importing finished product, U.S. duty is applicable on foreign labor, overhead and profit since it is included in the value of the product. Substantial savings in duty may be obtained by making the finished product within a FTZ.
THE RIGHT ANSWER
The Western New York Foreign Trade Zone supplies you with all the needed requirements to efficiently export your products in the United States.
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