Duty Exceptions on Exports : No duty is payable on goods that are exported from a zone or scrapped or destroyed in a zone. Duty drawback Elimination : Zones eliminate the need for duty drawback, the refunding of duties previously paid on imported, then re-exported, merchandise. Tax Saving : Goods stored in zones, and goods exported, are not subject to state and local ad valorem taxes, such as property taxes were applicable. Zone to Zone Transfer : Zones can transfer merchandise “in-bond” (for example: insured) from one zone to another. Customs duties may be deferred until the products eventual entry into U.S customs territory. Customs Inventory Control Efficiencies : Cost savings ( especially cash flow savings) can occur from zone efficiencies affection inventory control. These efficiencies include customs procedures such as direct delivery and weekly enteries. Custom Bonded Warehousing A Customs bonded warehouse is a building or other secured area in which imported dutiable merchandise may be stored, manipulated, or undergo manufacturing operations without payment of duty for up to 5 years from the date of importation. A secured facility supervised by customs authorities, where dutiable landed imports are stored pending their re-export, or release on assessment and payment of import duties, taxes, and other charges. Also called customs warehouse.
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- Summer '19
- International Trade, U.S Federal Customs, Duty Deferral, custom clearing