A senior Foreign-Trade Zones Board official told a recent conference of the National Association of Foreign-Trade Zones that the agency plans to soon resume spot visits to individual company FTZs to confirm that their scope of authority is up to date.
“Ensuring compliance with legal and reporting requirements and conducting on-site audits and checks of zone projects are always a good idea so companies can maximize their zone benefits and avoid enforcement action,” said Scott Taylor, head of ST&R’s FTZ practice. “With the FTZ Board now ramping up its scrutiny, it’s a good time to review your zone’s existing scope of authority and governing documents to make sure they match the production activity at your zone. It’s also important to confirm the boundaries of the zone, which can change over time.”
For more information on how FTZs can benefit your business and how to comply with applicable rules and regulations, please contact attorney Scott Taylor at (212) 549-0153 or via email.
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