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POS_FTZ#52010_Print.pdf 1 8/25/10 2:47 PM Foreign Trade Zone #5 C Your Competitive Edge M Y CM MY CY CMY K The Port of Seattle's Foreign Trade Zone (FTZ) #5 can give your company a competitive edge and help manage cash flow by deferring, reducing and in some cases eliminating customs duties and reducing overall operating costs. Port of Seattle. Where a sustainable world is headed. POS_FTZ#52010_Print.pdf 2 8/25/10 2:47 PM FTZ ADVANTAGES Defer customs duties and federal excise taxes until merchandise is transferred from the FTZ to domestic market customs territory of the U.S. or a North American Free Trade Agreement (NAFTA) country (Canada or Mexico). Reduce processing/entry fees by as much as 85 percent with the Weekly Entry Process, which allows goods to be shipped 24 hours a day, seven days a week, with just one entry filed each week and just one Merchandise Processing Fee per entry. ALTERNATIVE SITE FRAMEWORK Reduce customs duties on goods Gaining FTZ status is now faster and easier under the Port's Alternative Site Framework processed or assembled in the FTZ when (ASF), recently approved by the U.S. Department of Commerce. The ASF allows businesses imported components have a higher duty in the Seattle area engaged in importing, exporting, assembly, warehousing and distribution rate than the finished goods (see scenario #2, below left). to apply for expedited approval through the Port's FTZ program. Defer Harbor Maintenance Tax payments FTZ #5 REDUCES COSTS and pay quarterly instead of at time of entry. There are a number of ways FTZ #5 can reduce operating costs and enhance your company's bottom line. The Weekly Entry Process and assembly of imported components Eliminate customs duties entirely when goods are re-exported from the FTZ. in the FTZ are just two examples. Store quota merchandise in the FTZ until Cost Savings Scenario #1 - Weekly Entry Cost Savings the quota period opens and immediately The Weekly Entry Process available to companies operating within the FTZ can result in ship goods into U.S. Customs and Border C savings of up to 85 percent on entry and processing fees. Entry and Merchandise Processing Protection territory. Fees can be paid weekly, rather than per entry, saving time and brokerage fees. M Exempt imported goods from state and 160 entries per year at $485 ................................................................................................$77,600 Y local ad valorem taxes when they are 52 entries per year at $485 ..................................................................................................$25,220 CM Annual savings.....................................................................................................................$52,380 held in the FTZ for storage, sale, exhibition, repackaging, assembly, distribution, MY sorting, grading, cleaning, mixing, display, Cost Savings Scenario #2 - Savings on Duties through Assembly in FTZ manufacturing or processing. Goods CY A company that sells first aid kits imports most of the kit components from Asia items like manufactured in the U.S. and held in the CMY bandages, gauze pads, cold packs, tape, scissors, tweezers, rubber gloves, metal cases, etc. FTZ are also exempt. The kits are assembled in the U.S. Most of the components have import duty rates of two to K three percent. The duty rate for the metal boxes is 17 percent, but the import duty rate for Eliminate the need for drawback and complete first aid kits is zero. keep funds in the operating capital of the company. Annual value of kit components..................................................................................$10,000,000 Averaged duty rate of components ......................................................................................... 10% Annual Duty savings from assembly in FTZ.................................................................$1,000,000 The same kinds of advantages can apply to a wide range of companies, especially manufacturers that import components or materials for processing or assembly in the United States. The Port of Seattle is the Green Gateway For more information contact: for cargo moving between Asia and the American Heartland, with lower carbon Oshu Go or Jeff Marcell emissions throughout the supply chain. Director, President & CEO Learn more at www.portseattle.org/ Asian Business Development Enterprise Seattle seaport/cargo/GreenGateway.shtml Port of Seattle 206-389-8654 206-787-3271 jmarcell@enterpriseseattle.org SEATTLE ADVANTAGES go.o@portseattle.org The closest U.S. Port to Asia, Seattle has on-line: www.portseattle.org/business/ftz.shtml excellent road and rail connections to key markets across North America, making it a natural location for national and regional Port Commission: Tom Albro warehousing and distribution activities. Bill Bryant John Creighton More than 20 ocean carriers serve the Rob Holland Port and the BNSF Railway and Union Gael Tarleton Pacific Railroad offer four-day service to Chicago from Seattle. Chief Executive Officer: Tay Yoshitani The Port's Foreign Trade Zone is a perfect P.O. Box 1209 Seattle, WA 98111 complement to the region's trade and www.portseattle.org transportation advantages.
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