Miami's International Business Community Welcomes New Foreign ...

Big news for Miami?s massive international business community?the U.S. Department of Commerce?has given the green light for the Port Miami to become a Foreign Trade Zone. (FTZ).

The PortMiami joins three other FTZs in Miami-Dade County: Homestead, Wynwood and the Miami Free Zone ?in Doral.

The Port Miami FTZ stretches from north of SW Eighth Street to the Broward County line.

According to Assistant Commerce Secretary for Import Administration Paul Piquado, who announced the creation of Miami?s new Foreign Trade Zone, there are 500 active zones and sub-zones across the United States that generate 330,000 jobs and export around $30 billion worth of goods.

What is A Foreign Trade Zone?

A Foreign Trade Zone permits imported products to enter a zone warehouse without paying U.S. Customs duties so long as the products are ultimately shipped overseas or to pay the duties only when the imports actually enter the U.S. market.

Light manufacturing and assembly also is allowed within a zone with duties payable on either the imported components or finished product, whichever is lower, if the products enter the domestic market.

Foreign Trade Zones offer many?advantages. Among them:

??While in the zone, merchandise is not subject to U.S. duty or excise tax and duties may be paid at the time they are transferred to the U.S. market for consumption.

??Goods may be exported from the zone free of duty and excise tax.

??Merchandise may remain in a zone indefinitely, whether or not subject to duty.

??Manufacturing and assembly is allowed within a zone. A zone user who plans to send the merchandise into the U.S. market may normally elect to pay either the duty rate applicable on the foreign material placed in the zone or the rate applicable on the finished article, whichever is most advantageous.

(Source: U.S. Customs and Border Protection)

The approval of the new PortMiami Foreign Trade Zone is yet another excellent milestone for Miami?s ?booming business community.

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Source: http://miamilawadvisor.com/miami-foreign-trade-zone/?utm_source=rss&utm_medium=rss&utm_campaign=miami-foreign-trade-zone

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