argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: U.K. - Freeports initiative - meaning of free port

The British government is pursuing the “Freeports” initiative, “a flagship program” according to HM Treasury, which aims to increase the U.K.’s attractiveness as an international trading nation following Brexit. Following the publication of its response (the Response) to the October 2020 consultations, the government is seeking offers for the first seven free ports, after publishing the prospectus on November 16 (the Prospectus). A free port is an area within the border of a country but considered a separate entity for the purposes of customs activities. The rationale is to reduce costs and bureaucracy, encouraging innovation. These are the main features of the proposed system: goods arriving in a free port are not subject to the payment of a duty until they leave the port to be placed on the internal market. In the event that the goods are re-exported without first entering the U.K. market, no duty will be required (“duty suspension”). In this case, the payment of import VAT will also be suspended. If the duty payable on the component parts of a product is higher than the duty payable on the finished product, a company could benefit from importing components in a free port, manufacturing the product free port and paying the duty on the finished product only when the product leaves the free port and enters the U.K. domestic market (“duty reversal”). As an alternative to the duty reversal, the finished product could be re-exported without being placed on the U.K. market so that at no stage will the payment of a duty be required (“exemption from duties in the event of re-exports”). A simplification of customs procedures for goods arriving in a free port. There are numerous advantages, including from a fiscal point of view.