What is foreign-trade zone in SAP SLL - Global Trade Services?

SAP Term: foreign-trade zone

• Component: SLL

• Component Name: Global Trade Services

• Description: A geographical area, in or adjacent to a United States Port of Entry, authorized by the Customs and Border Protection CBP of the United States of America. A foreign-trade zone FTZ is an isolated, enclosed and policed area operated as a public utility, furnished with facilities for storing, manipulating, manufacturing and finishing goods, and for reshipping them. Merchandise of every description may be held in the Zone without being subject to Customs duties and other ad valorem taxes. These special geographic areas are under the supervision of the U.S. Customs and Border Protection under the United States Homeland Security Council. U.S. Customs' oversight of FTZ operations is conducted on an audit-inspection basis known as Compliance Reviews.

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• Key Concepts: 
  A foreign-trade zone (FTZ) is a designated area in a country that is considered outside of the country's customs territory. This allows goods to be imported into the FTZ without being subject to customs duties or taxes. The goods can then be stored, manipulated, or re-exported without being subject to the same taxes and duties as they would be if they were imported directly into the country. 
  
  How to use it: 
  SAP SLL Global Trade Services (GTS) provides a comprehensive solution for managing foreign-trade zones. It enables companies to manage their FTZ operations, including the import and export of goods, the storage of goods in FTZs, and the manipulation of goods within FTZs. GTS also provides tools for managing compliance with local regulations and for tracking shipments within FTZs. 
  
  Tips & Tricks: 
  When using GTS to manage foreign-trade zones, it is important to ensure that all relevant regulations are followed. This includes ensuring that all necessary paperwork is completed correctly and that all shipments are tracked accurately. Additionally, it is important to ensure that all goods are stored securely and that any manipulation of goods within FTZs is done in accordance with local regulations. 
  
  Related Information: 
  For more information on SAP SLL Global Trade Services and how it can help manage foreign-trade zones, please visit the SAP website at https://www.sap.com/products/global-trade-services.html. Additionally, there are many resources available online that provide detailed information on foreign-trade zones and how they can be used to benefit businesses.