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Malca-Amit's NY Locations Earn Foreign Trade Zone Status

Jun 30, 2011 10:48 AM   By Jeff Miller
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RAPAPORT... Malca-Amit  received approval from the U.S. Customs and Border Protection to operate under Foreign Trade Zone (FTZ) status at the company’s New York headquarters on 5th Avenue, as well as the company’s facilities at JFK International Airport.  Given this,  Malca-Amit customers can defer duty on goods until they are sold or removed from the designated FTZ.

Additionally, goods imported into the zone may be tested, inspected, re-packaged and re-labeled  without payment of duty. Federal excise taxes and duties are paid only when the goods are withdrawn from the zone, and only on the quantities withdrawn. The zone also permits, under special circumstances and at customs discretion, that merchandise may be removed and taken into the U.S.  territory for certain activities and the returned to the FTZ without  duty payment. Goods can be stored at the FTZ for an indefinite period without having to clear customs.

"By utilizing the advantages provided by Malca-Amit’s FTZ status, our clients are able to benefit from significant cost and time savings,'' said Malca-Amit's  U.S. president, Amit Eytan.

Other locations where Malca-Amit was granted FTZ status include, Geneva, Zurich, Singapore and Bangkok.



Tags: Jeff Miller, malca-amit, status, trade, zone
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