Foreign Trade Zones 7
Foreign Trade Zones 7 : FTZs are the US form of free trade zones These zones are restricted-access sites in or near ports of entry, that operate under public utility principles to create and maintain employment by encouraging operations in the US which might otherwise have been carried on abroad Goods brought into a zone for a bona fide Customs reason are exempt from state and local ad valorem tax The zones are licensed by the Commerce Department's Foreign-Trade Zones Board and operate under the supervision of the Customs Service Quota restrictions do not normally apply to foreign goods stored in zones, but the Board can limit or deny zone use in specific cases on public interest grounds Domestic goods moved into a zone for export may be considered exported upon entering the zone for purposes of excise tax rebates and drawback A foreign trade "subzone" is a non-contiguous zone site located at a manufacturing plant See: Free Trade Zones
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