"Free port" redirects here. Not to be confused with various places named Freeport.
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Free economic zones (FEZ), free economic territories (FETs) or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries. The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity. The taxation rules and duties are determined by each country.[1] The World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures (SCM) has content on the conditions and benefits of free zones.[2]
Some special economic zones are called free ports. Sometimes they have historically been endowed with favorable customs regulations, such as the free port of Trieste.
The definition should be understood in meaning The International Convention on the Simplification and Harmonization of Customs Procedures (Revised Kyoto Convention) uses the term “free zones” which the revised convention describes as “a part of the territory of a Contracting Party where any goods introduced are generally regarded, insofar as import duties and taxes are concerned, as being outside the customs territory”.
History
An early type of special economic zone was free ports, these historically were endowed with favorable customs regulations. In modern times, free port has come to mean a specific type of special economic zone, for example LADOL.
All "free ports" in the world were permitted by the respective states, save the Free Port of Trieste that with the signing of the 16th Resolution of the Security Council of the United Nations[3] (10 January 1947) and the signing of the Treaty of Peace with Italy[4] (10 February 1947, ratified 15 September 1947) was put territorially under the sovereignty of the United Nations itself. As cited on Annex VIII, Article 3, paragraph 2: "The establishment of special zones in the Free Port under the exclusive jurisdiction of any State is incompatible with the status of the Free Territory and of the Free Port". For example, it was not possible to apply the "Italian Law on Ports" in the extraterritorial free zones of the UN Free Port of Trieste with the effect that all actual territorial concessions were null and void.
In 1954 the Free Territory of Trieste was dissolved and given to its neighbours, Italy and Yugoslavia.
The European Union in 2020 introduced new stricter rules to identify and report suspicious activities at free ports and zones in response to the "high incidence of corruption, tax evasion, and criminal activity", with a further review to take place in the following year, The European Parliament suggested that increasing demand for free ports could be partly a response to global crackdowns on tax evasion. The European Commission in a report said that free ports were popular for the storage of art, precious stones, antiques, gold and wine as alternative assets to cash, and posed an emerging threat in multiple ways: allowing counterfeiters to land consignments and tamper with loads and paperwork, then re-export the products without customs formalities, disguising the actual origin and nature of the goods and their supplier. The commission said they were also used for narcotics trafficking, the illegal ivory trade, people smuggling, VAT fraud, corruption and money laundering. "Legal businesses owned by criminals remain key to money-laundering activities ... Free ports are perceived as facilities that protect their clients' identity and financial dealings, much as private banks used to." As an example the commission cited Swiss authorities' 2016 seizure of cultural relics looted from the Middle East being stored in Geneva's free ports.[5][6]
The free port system has been accused of facilitating international art crime, allowing stolen artworks to remain undetected in storage for decades.[7] Freeports' lax regulation enables criminals to operate in secrecy. Freeports may facilitate money laundering and tax evasion by obscuring the real beneficial owners of criminal assets, which hinders authorities' efforts to trace criminal profits and recover taxes.[8]
^Мarynсhak, Yеvhеn (2019). IMPORTANCE OF A FREE ZONES FOR PUBLIC FINANCES. Theoretical and methodological approaches to the formation of a modern system of enterprises, organizations and institutions' development (1st ed.). Dallas: Primedia eLaunch LLC. pp. 157–158. doi:10.36074/tmafmseoid.ed-1.15. ISBN978-1-64669-378-8. S2CID 212956756.
^"WTO Subsidies and Countervailing Measures: overview. Agreement on Subsidies and Countervailing Measures ("SCM Agreement")". www.wto.org. World Trade Organization. from the original on 13 January 2021.
^Daniel Boffey (10 February 2020). "EU clamps down on free ports over crime and terrorism links". The Guardian.
^"Russian war in Ukraine renews pressure on Swiss free ports".
^Rachel Corbett; Julia Halperin; Richelle Simon (30 June 2015). "Experts identify top six scandals amid boom in art crime". The Art Newspaper.
^Gilmour, Paul Michael (2022). "Freeports: Innovative trading hubs or centres for money laundering and tax evasion?". Journal of Money Laundering Control. 25 (1): 63–71. doi:10.1108/JMLC-01-2021-0002. S2CID 236602615.
Bibliography
"Specific Annex D: Customs Warehouses and Free Zones", International Convention on the Simplication and Harmonization of Customs Procedures (Revised Kyoto Convention), World Customs Organization, 1999
External links
List of Free Zones in United Arab Emirates
April 28, 2023
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Free port redirects here Not to be confused with various places named Freeport This article may be expanded with text translated from the corresponding article in Spanish September 2020 Click show for important translation instructions Consider adding a topic to this template there are already 5 221 articles in the main category and specifying topic will aid in categorization Do not translate text that appears unreliable or low quality If possible verify the text with references provided in the foreign language article You must provide copyright attribution in the edit summary accompanying your translation by providing an interlanguage link to the source of your translation A model attribution edit summary is Content in this edit is translated from the existing Spanish Wikipedia article at Es Zona franca see its history for attribution You should also add the template Translated Es Zona franca to the talk page For more guidance see Wikipedia Translation Free economic zones FEZ free economic territories FETs or free zones FZ are a class of special economic zone SEZ designated by the trade and commerce administrations of various countries The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity The taxation rules and duties are determined by each country 1 The World Trade Organization WTO Agreement on Subsidies and Countervailing Measures SCM has content on the conditions and benefits of free zones 2 Some special economic zones are called free ports Sometimes they have historically been endowed with favorable customs regulations such as the free port of Trieste Contents 1 Definition 2 History 3 Criminal use 4 List of free economic zones by country 5 See also 6 References 7 Bibliography 8 External linksDefinition EditThe definition should be understood in meaning The International Convention on the Simplification and Harmonization of Customs Procedures Revised Kyoto Convention uses the term free zones which the revised convention describes as a part of the territory of a Contracting Party where any goods introduced are generally regarded insofar as import duties and taxes are concerned as being outside the customs territory History EditAn early type of special economic zone was free ports these historically were endowed with favorable customs regulations In modern times free port has come to mean a specific type of special economic zone for example LADOL All free ports in the world were permitted by the respective states save the Free Port of Trieste that with the signing of the 16th Resolution of the Security Council of the United Nations 3 10 January 1947 and the signing of the Treaty of Peace with Italy 4 10 February 1947 ratified 15 September 1947 was put territorially under the sovereignty of the United Nations itself As cited on Annex VIII Article 3 paragraph 2 The establishment of special zones in the Free Port under the exclusive jurisdiction of any State is incompatible with the status of the Free Territory and of the Free Port For example it was not possible to apply the Italian Law on Ports in the extraterritorial free zones of the UN Free Port of Trieste with the effect that all actual territorial concessions were null and void In 1954 the Free Territory of Trieste was dissolved and given to its neighbours Italy and Yugoslavia Criminal use EditThis article may lend undue weight to EU pronouncements and source Guardian article Please help improve it by rewriting it in a balanced fashion that contextualizes different points of view February 2020 Learn how and when to remove this template message The European Union in 2020 introduced new stricter rules to identify and report suspicious activities at free ports and zones in response to the high incidence of corruption tax evasion and criminal activity with a further review to take place in the following year The European Parliament suggested that increasing demand for free ports could be partly a response to global crackdowns on tax evasion The European Commission in a report said that free ports were popular for the storage of art precious stones antiques gold and wine as alternative assets to cash and posed an emerging threat in multiple ways allowing counterfeiters to land consignments and tamper with loads and paperwork then re export the products without customs formalities disguising the actual origin and nature of the goods and their supplier The commission said they were also used for narcotics trafficking the illegal ivory trade people smuggling VAT fraud corruption and money laundering Legal businesses owned by criminals remain key to money laundering activities Free ports are perceived as facilities that protect their clients identity and financial dealings much as private banks used to As an example the commission cited Swiss authorities 2016 seizure of cultural relics looted from the Middle East being stored in Geneva s free ports 5 6 The free port system has been accused of facilitating international art crime allowing stolen artworks to remain undetected in storage for decades 7 Freeports lax regulation enables criminals to operate in secrecy Freeports may facilitate money laundering and tax evasion by obscuring the real beneficial owners of criminal assets which hinders authorities efforts to trace criminal profits and recover taxes 8 List of free economic zones by country EditMain article List of free economic zonesSee also EditBonded logistics park another type of SEZ Free trade zone another type of SEZ Free trade area Bonded warehouse Four Asian TigersReferences Edit Marynshak Yevhen 2019 IMPORTANCE OF A FREE ZONES FOR PUBLIC FINANCES Theoretical and methodological approaches to the formation of a modern system of enterprises organizations and institutions development 1st ed Dallas Primedia eLaunch LLC pp 157 158 doi 10 36074 tmafmseoid ed 1 15 ISBN 978 1 64669 378 8 S2CID 212956756 WTO Subsidies and Countervailing Measures overview Agreement on Subsidies and Countervailing Measures SCM Agreement www wto org World Trade Organization Archived from the original on 13 January 2021 S Res 16 1947 e S Res 16 1947 http treaties un org doc Publication UNTS Volume 2049 v49 pdf bare URL PDF Daniel Boffey 10 February 2020 EU clamps down on free ports over crime and terrorism links The Guardian Russian war in Ukraine renews pressure on Swiss free ports Rachel Corbett Julia Halperin Richelle Simon 30 June 2015 Experts identify top six scandals amid boom in art crime The Art Newspaper Gilmour Paul Michael 2022 Freeports Innovative trading hubs or centres for money laundering and tax evasion Journal of Money Laundering Control 25 1 63 71 doi 10 1108 JMLC 01 2021 0002 S2CID 236602615 Bibliography Edit Specific Annex D Customs Warehouses and Free Zones International Convention on the Simplication and Harmonization of Customs Procedures Revised Kyoto Convention World Customs Organization 1999External links EditList of Free Zones in United Arab Emirates Retrieved from https en wikipedia org w index php title Free economic zone amp oldid 1144759374, wikipedia, wiki, book, books, library,
