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This 5 page paper provides an overview of the foreign trade zone. The concept is defined and many benefits are discussed. Bibliography lists 3 sources.
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5 pages (~225 words per page)
File: RT13_SA147FTZ.rtf
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zone. The concept is defined and many benefits are discussed. Bibliography lists 3 sources. SA147FTZ.rtf Many people go
into business for themselves and learn quite harshly the slew of taxes they have to pay. Those who import goods realize there are duties on those, and all the taxes
add up. However, there is something called a Foreign Trade Zone that helps alleviate some of the sting from heavy taxation for firms that do business overseas . A
Foreign-trade Zone (FTZ) is actually a restricted access site near a Customs port of entry ("Foreign," 2001). An FTZ is operated in
respect to public utility principles with the sponsorship of a corporation that is given the authority by the Foreign Trade Zone Board and works in conjunction with the supervision of
the U.S. Customs Service ("Foreign," 2001). Such zones, for purposes of tariff laws, are treated as if they are outside of the Customs territory of the United States (2001). In
other words, a zone is set up close to where borders cross and where some businesses have the opportunity to do business tax free. Of course, it is a bit
more complex than that . Under zone procedures, foreign and domestic merchandise are allowed into the zones for operations in respect to storage,
exhibition, assembly, manufacture and processing, and are not subject to formal customs entry procedures or payment of duties ("Foreign," 2001). There are exceptions and specifications of course. The merchandize
is taxed after it enters customs territory for domestic consumption (2001). When merchandize arrives, the importer generally will have a choice of paying duties either at the ordinary foreign materials
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