Foreign trade zone to grow at Jacksonville's port - Pacific Business News (Honolulu):

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hopes to get more companies in the zone when it receivex federal permission to bring foreign tradw zones to companies instead of forcinfg companies to move withinthe zone, said Deborah Lofberg, the authority’ s director of marketing support services. The new prograj will make Northeast Florida more attractivew to importers and exporters and allow existing companieasto save, she said. Companies can get foreign trade zone designatio in about 30 days instead ofseveral months. Companies located within 60 miles of the port will be Goods moved through the zone are free of dutiesz and excise taxes as long as their finap destination is outside ofthe U.S.
This will appeal to companiesx planning to tap into new Asian shipping Duties on the goods enteringthe U.S. are determined by the product’xs highest value. This can be attractivd to companies who assemble within the zone becausd they only pay on the finalk product instead of allthe parts. Custojm entries can be consolidated andfiled weekly, as opposedc to being filed daily as require outside the foreign trade zone. Not only can moneu be saved by doingless paperwork, but also the electronic systemj used reduces the risk of customs penalties and cargo being held up.