Following the UK’s departure from the EU, the Government opened the bidding process in England to establish at least seven new Freeports.
Businesses operating within Freeport customs sites will receive tariff benefits, including duty deferral while the goods remain on site, and duty inversion if the finished goods exiting the Freeport attract a lower tariff than their component parts. Subject to the UK’s trade agreements, businesses may also be able to take advantage of customs duty exemption on goods that are imported into a Freeport, processed into finished goods and subsequently re-exported. They will also be able to suspend import VAT on goods entering the Freeport. In addition, businesses operating in Freeports will be authorised to use simplified import procedures. This model expands on existing customs facilitations and procedures available to business.
Source: BDO
Latest Posts in "United Kingdom"
- UK Court Rules HMRC Wrongly Denied Hotel Supplier’s £10.2 Million VAT Claims
- New Updates on Correcting VAT Errors: Key Changes and Guidance for Businesses
- Tribunal Rules on VAT Status of Government Grants for Free Educational Services by Colleges
- Colleges Win £2.8 Million Tax Rebates Amid VAT Rule Dispute with HMRC
- The UK Should Lower or Abolish, Not Raise, Its VAT Registration Threshold
