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UNIT 4

FREE ZONES

import duties and taxes; such,goods must be imported for a specific purpose and must be intended for re-exportation within a specified period and without having undergone any change except normal depreciation due to the use of the goods.

Temporary admission for inward processing is the procedure under which certain goods can be brought into a Customs territory conditionally relieved from payment of import duties and taxes; such goods must be intended for re-exportation within a specific period after having undergone manufacturing , procession or repair.

Duty-free replacement of goods is the procedure permitting the importation, free of import duties and taxes, of goods equivalent (i.e., identical in description, quality and technical characteristics) to those which were in free circulation and which were processed into products previously exported outright.

Temporary exportation of goods for outward processing is the procedure under which goods in free circulation (goods which may be disposed of without Customs restriction) in a Customs territory may be temporarily exported for manufacturing, processing or repair abroad and then re-imported with total or partial exemption from import duties and taxes.

Free zones. A free zone is a part of the territory of a state where any goods introduced are generally regarded, insofar as import duties and taxes are concerned, as being outside the Customs territory and are not subject to the usual Customs control.

In commercial free zones, goods are admitted pending subsequent disposal, and processing or manufacture is normally prohibited. Goods admitted to industrial free zones may be subjected to authorized processing operations.

CHECK WORK

Exercise 15. Look through text 2 again and underline the words essential for its general understanding.

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