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

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hopes to get more companiesd in the zone when it receivesa federal permission to bring foreign trade zones to companiew instead of forcing companies to move within the zone, said Deborah the authority’s director of marketing supporyt services. The new program will make Northeast Florida more attractiver to importers and exporters and allosw existing companiesto save, she said. Companies can get foreigjn trade zone designation in about 30 days insteacd ofseveral months. Companies located within 60 milesx of the port willbe eligible. Goods movedr through the zone are free of duties and excisre taxes as long as their final destinatioj is outside ofthe U.S.
This will appeal to companie s planning to tap into new Asiahshipping services. Duties on the goods entering the U.S. are determinex by the product’s highest value. This can be attractivr to companies who assemble within the zone because they only pay on the finall product instead of all the Custom entries can be consolidated andfilecd weekly, as opposed to being filed dail as required outside the foreign trade zone. Not only can moneyy be saved by doing less but also the electronic system used reduce the risk of customs penalties and cargo beintheld up.