Freeport: Difference between revisions
imported>Doug Williamson (Create page. Source - UK parliament briefing - https://researchbriefings.files.parliament.uk/documents/CBP-8823/CBP-8823.pdf) |
imported>Doug Williamson (Expand definition.) |
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Goods imported into | Freeports are generally around sea ports or airports. | ||
Goods imported into the 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. | If the goods are re-exported, no customs duties are payable. | ||
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The purpose of freeports is to encourage economic activity and inward investment. | 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 | The extent to which governments are able to provide this support under international law is limited by state aid rules, including those of the World Trade Organization. | ||
A key risk of freeports is that they can facilitate fraud and other organised criminal and terrorist financing activity. | |||
Freeport is also sometimes written ''free port''. | |||
Freeports are an example of a ''free zone''. | |||
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*[[International trade]] | *[[International trade]] | ||
*[[State aid]] | *[[State aid]] | ||
*[[World Trade Organization]] | |||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category:The_business_context]] | [[Category:The_business_context]] | ||
Latest revision as of 13:15, 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.
Freeports are generally around sea ports or airports.
Goods imported into the 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 under international law is limited by state aid rules, including those of the World Trade Organization.
A key risk of freeports is that they can facilitate fraud and other organised criminal and terrorist financing activity.
Freeport is also sometimes written free port.
Freeports are an example of a free zone.
