Crowley Granted FTZ Status for Puerto Rico Warehouse
By: Crowley Maritime Corp. January 09, 2014
The Caribbean logistics unit of Crowley Maritime Corp. has won designation as a foreign trade zone.
The facility can now receive, store and process cargo without being subject to formal U.S. Customs entry procedures and payment of duties, until the cargo enters the U.S. supply chain and is made available for domestic use and consumption. Cargoes being cross-docked or processed at Crowley's warehouse prior to re-export internationally receive the same treatment as if they were moving overseas or outside the U.S. - no duties or quota charges, and no state, ad valorem or personal property taxes. In addition, cargo can remain in Crowley's FTZ facility for an unlimited amount of time, instead of the previous 14-day deadline associated with bonded cargoes. Domestic goods moved into the zone for export can be considered exported upon admission to the zone, for purposes of excise tax rebates and drawback.