Foreign Trade Zones (FTZ's) are secure areas located in or near U.S. Customs ports of entry. They are legally considered to be outside the Customs territory for duty and entry purposes. Similarly, Customs bonded warehouses are secure facilities within the Customs territory in which dutiable goods may be stored, manipulated, or undergo manufacturing operations without the payment of duty. These facilities can be used to provide cash flow benefits by deferring the payment of duties. Substantial duty savings benefits may also result by taking advantage of inverted tariff programs available through the use of FTZ's.
Temporary Importations under Bond (TIBs) may be utilized to temporarily import merchandise into the United States without the payment of duties for a limited time and limited purposes. TIBs can be utilized for the domestic processing, testing or display of merchandise thereby avoiding the necessity of paying duty and subsequently filing for drawback refunds.
Our practice in this area is extensive. Our services include analyzing the feasibility of the different duty deferral mechanisms, and assisting in the application, implementation, review and compliance monitoring of these programs. The firm has experience in:
- Private Bonded Warehouse Applications
- FTZ Applications and Activations
- Temporary Importation Programs and bond cancellations
- Recordkeeping and Reporting Requirements
- Compliance Monitoring and Review
- Compliance Training, Systems and Manuals
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Foreign Trade Zones, Bonded Warehouses and Temporary Importations under Bond