It is the intent of the U.S. Foreign Trade Zone program to stimulate economic growth and development in the United States. The program was designed to promote American competitiveness by encouraging companies to maintain and expand their operations in the United States.
When you use an foreign trade zone, if the final product is imported into the United States, import tax or duty is due only at the time of transfer rather than taxing the individual parts, materials or components of the product. For companies in the import/export business, the advantages of using the Foreign Trade Zone 161 are plentiful. Tenant companies can:
- Purchase commodities at world prices
- Enhance cash flow
- Achieve major savings in production equipment
- Reduce cargo insurance costs
- Transfer merchandise to other foreign trade zones without tariff
- Discard damaged goods and waste without duty
- Display sample goods for buyers before duty is paid
- Reduce tariffs on foreign components by combining with American components into a finished product
- Store, test, display, manipulate, mix, process and re-export free of duty or excise tax
Increase Your Profits
Economic and operational benefits flow to the company using a foreign trade zone in the form of lower costs, increased cash flow, better access to operating capital and improved competitive position. Whether your business is considering locating in Harvey County, or is already here, we encourage you to investigate the benefits of using our foreign trade zone. A detailed analysis is available on a case-by-case basis.