The UK has set out further details around how it will create a number of Freeports across the UK, which are set to start operations in 2022 and cover sea, air and rail ports in England.
How does it work in a nutshell?
A firm can import goods into a Freeport without paying tariffs, process them into a final good and then either pay a tariff on goods sold into the domestic market, or export the final goods without paying UK tariffs.
The Freeports are set to benefit from:
a package of tax reliefs on investment by businesses within Freeport tax sites
simplified customs procedures and duty suspensions on goods
To be more specific,
goods entering a Freeport customs site will be eligible for.....
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