Malca-Amit Receives FTZ Status in NYC
June 30, 11(IDEX Online News) – Malca-Amit has received approval from the U.S. Customs and Border Protection to operate under Foreign Trade Zone (FTZ) status at the company’s
The company is a global provider of secured logistical solutions for high-value commodities such as diamonds.
The FTZ status enables Malca-Amit customers to defer duty on goods until they are sold or removed from the designated FTZ. Additionally, goods imported into the zone may be tested, inspected, re-packaged and re-labeled - all without payment of duty.
Duty and federal excise taxes are paid only when the goods are withdrawn from the zone, and only on the quantities withdrawn.
"By utilizing the advantages provided by Malca-Amit’s FTZ status, our clients are able to benefit from significant cost and time savings,” states Malca-Amit U.S. President, Amit Eytan.
The approval of Foreign Trade Zone status at the company’s