Company Name:
Lishui Huanqiu Bearing Trading Co., Ltd.
Company Address:
No.11 Shiting Road, Shuige Industrial Zone,Lishui, Zhejiang,China
Contact Person: William
Email: admin@tradebearings.com
Homepage: www.asiabearings.com
Bearing B2B: www.tradebearings.com
Please note that Free Zones will not be available within the UK with effect from July 2012.
If you wish to obtain benefits similar to those under the Free Zone arrangements you are advised to consider customs warehousing arrangements.
Free Zones are officially defined areas of land in the UK and throughout the European Community (EC) where customs duties, including Common Agricultural Policy (CAP) charges, are suspended on goods imported into the Free Zone from outside the EC. VAT and excise duties are also suspended until the goods are removed from the Free Zone or used or consumed within the Free Zone.
Free Zones can provide a number of important benefits to businesses importing goods into the European Union (EU). Some possible benefits of using Free Zones include:
improved cashflow management by removing the obligation to pay VAT or import duty at the same time as goods are physically transported into the UK - you can meet your import tax obligations closer to the time you sell the goods
better flexibility in choosing destinations for your goods
As an alternative to using the dedicated Free Zone facilities, similar benefits can be obtained by using customs warehousing.
VAT and duty in Free Zones
Goods brought from outside the EC and held in a Free Zone are treated as being outside the customs territory of the EC even though they are physically within it. However, any UK and EC prohibitions and restrictions still apply.
In the Free Zone you can store goods without paying import VAT, excise duty or import duty (including CAP agricultural charges) until you remove the goods.
Import VAT on your goods is suspended in Free Zones. Traders must pay VAT when the goods are removed from the Free Zone or used within it.
Import duties (including agricultural charges) are also suspended, as long as the goods are not released for free circulation. Excise duty is also suspended until the goods are released to the UK market or used in the Free Zone.
Free Zones in the UK and the Isle of Man
There are currently five Free Zones in the UK and one in the Isle of Man. The UK Free zones are located in: Liverpool, Prestwick (Ayrshire, Scotland), Sheerness (Kent), Southampton and Tilbury (Essex). Each is controlled by its Free-Zone manager and supervised by the local Customs office.
Free Zones exist in many other EU countries, including Bulgaria, France, Germany, Denmark, Finland, Greece, Italy, Portugal, Spain and Sweden.
UK Free Zones are known as 'Type II' Free Zones. This means that they are run in a similar way to a customs warehouse. Other EU countries run 'Type I' Free Zones, with a perimeter fence, and checks are made on goods as they are entered to and removed from the Free Zone.
Operators of Free Zones have to be authorised by HM Revenue & Customs (HMRC). To be authorised you must apply in writing to the relevant HMRC Office, setting out:
what you intend to do in the Free Zone
the kind of goods that will be moved there
where the goods will come from
how you will move the goods
relevant general company information
You will also need a letter of support from the Free Zone manager who should be aware of your proposed business intentions and practices.
( linda )09 Dec,2011
