The Council of Industry and Orange County will present a webinar November 6th from 8:30 -9:30 to discuss Foreign Trade Zone #37 located in the Hudson Valley.
Created by Congress in the Foreign-Trade Zones Act of 1934, Foreign-Trade Zones continue to thrive to better meet the needs of American companies in the global economy. Foreign-Trade Zones continue to be a vital resource for trade in the United States. Certain types of merchandise can be imported into a Zone without going through formal Customs entry procedures or paying import duties. Customs duties and excise taxes are due only at the time of transfer from the FTZ for U.S. consumption. If the merchandise never enters the U.S. commerce, then no duties or taxes are paid on those items.
Liz Whiteman will discuss the Benefits of a Foreign-Trade Zone including:
• Duty Exemption
• Duty Deferral
• Duty Reduction or Inverted Tariff
• Merchandise Processing Fee (MPF) Reduction
• Streamlined Logistics
• Quota Avoidance