The growth in global trade and the need to level the competitive playing field on import taxes, called "duties," has accelerated the use of trade zones. The FTZ program allows U.S.-based companies to defer, reduce or even eliminate Customs duties on products admitted to the zone, providing important benefits to businesses and industries. Some of the benefits include:
- Duty deferral
- Duty elimination
- Duty reduction
- Federal and state tax savings
- Transfers between zones with no duties
- Reduced paperwork
- Destruction of damaged or substandard goods without paying duties