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Foreign Trade Zone (FTZ)

GLOBAL THINKING We succeed…by respecting both international and local standards…wherever we operate. Foreign Trade Zone (FTZ). A site in the U.S. where foreign merchandise is considered to be in international commerce. Must be near a U.S. Port of Entry (Fresno)

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Foreign Trade Zone (FTZ)

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  1. GLOBAL THINKINGWe succeed…by respecting both international and local standards…wherever we operate. Foreign Trade Zone (FTZ)

  2. A site in the U.S. where foreign merchandise is considered to be in international commerce. Must be near a U.S. Port of Entry (Fresno) Foreign materials can enter the site without a formal Customs entry. Duties and excise taxes are not paid on the materials until they leave the facility. What is an FTZ? Okay, but what’s aForeign Trade Zone?

  3. Benefits of an FTZ • Payment of duty is deferred until the materials leave the facility. • Payment of duty is eliminated on exported materials. • Lower duty rates on the product leaving the facility saves Grundfos approximately $300,000 per year in duty fees. • Materials can be moved from the Port to the FTZ without first clearing U.S. Customs.

  4. Responsibilities ofUS Customs Port Director • Oversees the FTZ as the government representative. • Verifies Grundfos’ inventory accuracy. • Ensures that all government revenues are properly collected. • Conducts periodic audits and inspections of the zone. • Assesses fines and penalties for noncompliance with U.S. Customs laws. • Recommends deactivation of the Zone for gross violations.

  5. Responsibilities of Grundfos Management • Operates the Zone in accordance with all government rules and regulations. • Ensures adequate security to protect the revenue of the United States. • Reports all thefts in the zone to the U.S. Customs Service (required by Federal Law). • Reports and pay duties on all inventory shortages. • Reports all inventory overages. • Prepares an annual inventory reconciliation for U.S. Customs.

  6. Responsibilities of everyGrundfos Employee • Record all inventory and scrap transactions accurately. • Wear your identification badge at all times while in the facility. • If you forget your badge… • Notify your supervisor or team lead and obtain a short-term badge. • If you are hosting a Visitor… • Ensure they sign-in and obtain a visitor badge at the front desk. • Accompany the visitor at all times. • If you see someone without an I.D. badge… • Helpfully escort them to the receptionist desk. • If approached by a U.S. Customs officer… • Answer their questions honestly.

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