Freeport: Difference between revisions
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imported>Doug Williamson (Create page. Source - UK parliament briefing - https://researchbriefings.files.parliament.uk/documents/CBP-8823/CBP-8823.pdf) |
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Revision as of 01:58, 12 August 2021
International trade - customs duty.
A freeport is a part of a country that is:
- Within the country's geographical borders; but
- Effectively outside the country's customs borders.
Goods imported into a freeport are generally exempted from customs duties until they leave the freeport and enter the domestic market.
If the goods are re-exported, no customs duties are payable.
The purpose of freeports is to encourage economic activity and inward investment.
The extent to which governments are able to provide this support is limited by international state aid rules.
