Sunday July 14th, 2024 12:52AM
6:33PM ( 6 hours ago ) News Alert

Corporate Storage in Gainesville activates Foreign-Trade Zone designation

By AccessWDUN Staff

Corporate Storage in Gainesville has activated its Foreign-Trade Zone designation, which will allow for special customs procedures.

A press release said the designation could save customers thousands of dollars through deferred duties, taxes and processing fees.

Foreign-Trade Zones are designated sites licensed by the Foreign-Trade Zones Board. Duty-free treatment is accorded to items that are re-exported, while duty payment is deferred on items sold in the U.S. market.

“A Foreign-Trade Zone offsets the Customs advantages available to overseas producers who compete with producers located in the United States,” Corporate Storage President & CEO Jimmy Adams said. “It promotes global trading for U.S. companies and local economic growth, and we are pleased to provide these trade advantages to our warehousing customers, especially with the coming of Northeast Georgia’s inland port.”

Companies that warehouse products in foreign-trade zones also receive relief on merchandise processing fees. Additionally, certain products are exempt from local and state ad valorem taxes while in the zone, which helps certain companies with cash flow.

U.S. Customs & Border Protection typically charges a merchandise processing fee on every foreign shipment received in the United States based on the value of the imported goods. When a company imports to an FTZ, it pays the fee just once a week regardless of the value of the goods or frequency of the shipment. So, instead of paying a fee on each piece imported, it would pay a single weekly flat fee.

“The Georgia Foreign-Trade Zone designation provides businesses the benefits of streamlining U.S. Customs procedures and the financial benefits of deferring and avoiding import duties and tariffs for goods imported through Georgia’s ports,” said Tim Evans, Greater Hall Chamber of Commerce Senior Vice President of Economic Development. 

Corporate Storage said the designation will give them the opportunity to serve customers whose products come through the nearby Blue Ridge Connector, also referred to as the Inland Port. The Blue Ridge Connector will be completed in 2026 near Ga. 365 in North Hall County.

“The proximity of the new Northeast Georgia Inland Port Terminal and Corporate Storage offers area businesses a partner in their supply chain,” Evans said.

 

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  • Associated Tags: gainesville, hall county, Business, Corporate Storage
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