A Foreign Trade Zone is a secured place authorized by the federal government, considered to be outside the Customs territory of the United States though under U.S. Customs supervision and control. Normally, when foreign cargo lands on U.S. soil, it is subject to clearance through Customs and payment of U.S. Customs duty.
Many firms use Foreign-Trade Zones to postpone and, in the case of re-export of cargo, avoid the application of U.S. Customs laws that impose duties, taxes, bonds, quotas and certain other requirements.
Wells County, Indiana is part of Foreign Trade Zone #182 in Northeast Indiana. The zone covers the eight county region serving Adams, Allen, DeKalb, Huntington, Noble, Wabash, Wells and Whitley.
Benefits of a Foreign Trade Zone
- Defer or avoid payment of duty
- Gain tariff advantages
- Elude quota restrictions
- Qualify for “Made in U.S.A.” labels
- Avoid drawback procedures
- Bypass bonded warehouse restrictions
- Enjoy exemption from select state and local taxes