 |
Airpark Launches New Website
posted on 21 Apr 2006 |
We are proud to announce the official launch of the new East Texas Regional Airpark website.
|
Foreign Trade Zone Hailed
posted on 21 Apr 2006 |
East Texas Regional Airport's designation as a foreign trade zone was touted Monday, March 21st, as a key econmic development tool that could attract industry to East Texas.
|
|
|
A FTZ is a restricted site, in or near a US Customs Port of Entry,
that is treated by Customs (for purposes of the tariff laws and Customs
entry proceedures) as being outside the Customs Territory of the United
States. Under FTZ proceedures, foreign and domestic merchandise may
be admitted into the FTZ’s for operations such as storage, exhibition,
assembly, manufacture and/or processing – without being subject
to formal Customs entry proceedures, the payment of Customs duties
or the payment of Federal excise taxes.
When merchandise is removed
from a FTZ, Customs duties may be eliminated if the goods are then
exported from the United States.
If the merchandise is formally entered
into US commerce, Customs duties and excise taxes are due at the time
of transfer from the FTZ.
For merchandise that is manufactured in the FTZ (with the approval
of the Foreign Trade Zones Board
in DC) the importer may elect to pay Customs duties at the lower rate
of either the finished product or
its foreign components. In this manner, use of a FTZ can result in
the reduction of Customs duties owed by companies that manufacture
products in a FTZ (ie – BMW, Mercedes-Benx,
Ford, GM, Chrysler, Caterpillar, etc.).
Merchandise entering a FTZ may be - |
assembled
stored
repaired
sampled
|
salvaged
mixed
repackaged
processed
|
displayed
tested
manufactured
manipulated |
relabeled
destroyed
cleaned |
|
1. General Purpose Zone (GPZ) – a GPZ is
established for multiple activities by multiple users. The FTZ/GPZ
must be located within 60 statue miles (or 90 minutes driving time)
from the outer limits
of a US Customs Port of Entry (in our case the Port of Shreveport). While activities
including storage,
inspection and distribution are permitted at all FTZ’s, other activities
including processing or manufacturing require special permission from the governing
Foreign Trade Zones Board in DC.
2.
Sub Zones (SZ) – when a
firm wants FTZ-status for its own plant or facility, and when the
existing FTZ/GPZ cannot accommodate the firm’s proposed activity,
the designation “SubZone” (SZ)
may be granted. There is no legal difference in the types of activity
that may be undertaken in GPZ’s or SZ’s.
Congress created FTZ's in 1934 by the enactment
of the U.S. Foreign Trade Zones Act (19 U.S.C. 81au) and its
implementing the FTZ Board Regulations (15 CFR Part 400) and
the US Customs Service Regulations (19 CFR
Part 146).
There are 252+ authorized FTZ's
and 427+ SubZones – we are FTZ #234. |
- over 2,800 firms use FTZ/SZ’s
- over 340,000 people are employed at facilities operating
under FTZ/SZ status
- the total value of merchandise moving through FTZ/SZ’s
amounts to over
- $160 billion annually |
|
 |
Caterpillar, Peoria, IL
(tractors)
Deere & Co., Davenport, IA
(construction eqpt)
Deere-Hitachi, Kernersville, NC
(hydraulic excavators)
Komatsu, Chattanooga, TV
(construction eqpt)
|
Komatsu, Ripley, TN
(mining
eqpt)
Komatsu, Miami, FL
(construction eqpt)
Volvo Construction Eqpt., Ashville, NC
(Construction eqpt)
ALSO, all major US-base shipyards |
|
|
