Free economic zone

Geographic locations of the Free Economic Zones as of 2012

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 are determined by each country. The World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures (SCM) has content on the conditions and benefits of free zones.

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. In recent years the free port system has been accused of facilitating international art crime, allowing stolen artworks to remain undetected in storage for decades.[1]

Definition

According to the 1999 Revised Kyoto Convention, a "'free zone' means 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."[2]

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 are 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 (10 January 1947) and the signing of the Treaty of Peace with Italy (10 February 1947, ratified 15 September 1947) were 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 is 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 are null and void.

List of free economic zones by country

Albania

Argentina

Armenia

Bangladesh

Bangladesh Export Processing Zone Authority

Belarus

Bolivia

  • Cobija Free Economic Zone (Zona Franca de Cobija, in Spanish)[7]

Brazil

Bulgaria

Chile

China

Egypt

  • Port Said Public Free Zone
  • Alexandria Public Free Zone
  • Nasr City Public Free Zone
  • Suez Public Free Zone
  • Ismailia Public Free Zone
  • Damietta Public Free Zone
  • Media Public Free Zone
  • Shebin El- Kom Public Free Zone
  • Qeft Public Free Zone
  • Port Said East Port Public Free Zone

Georgia

Germany

Ghana

  • Tema, Free Zone Enclave

India

Iran

Iraq

  • Sulaymaniyah Free Zone

Ireland

Italy

South Korea

Latvia

Lithuania

Nigeria

Macedonia

  • Free Economic Zone Skopje 1[29]
  • Free Economic Zone Skopje 2[29]
  • Free Economic Zone Stip[29]
  • Free Economic Zone Tetovo[29]

Malaysia

Moldova

Mongolia

Morocco

Norway

Oman

Pakistan

Peru

  • Tacna Free Economic Zone (Zona Franca de Tacna, in Spanish)[35]

Philippines

Qatar

Qatar has free zones and Special Economic Zones with differing laws on taxation and corporate ownership

Russia

In Russia there are only Special Economic Zones

Technical/Innovational Zones

Industrial/developmental Zones

Tourist Zones

Serbia

  • Free Zone Pirot Slobodna zona Pirot[37]

Spain

Somaliland

  • Berbera Free Zone DP World BFZ[38]

Switzerland

Tajikistan

Free Territory of Trieste

  • Free Port of Trieste

Turkey

Turkmenistan

Ukraine

United Arab Emirates

United Kingdom

United States

Vietnam

Yemen

See also

References

  1. ↑ "Experts identify top six scandals amid boom in art crime" The Art Newspaper, 1 July 2015
  2. ↑ Revised Kyoto Convention 1999.
  3. ↑ "Technical And Economic Development Areas - Official website of TEDAs in Albania". Retrieved 12 May 2016.
  4. ↑ "BIS ALBANIA GROUP". Retrieved 12 May 2016.
  5. ↑ "ALTAX - LAW. TAX. TRANSPARENCY". 6 May 2016. Archived from the original on 26 May 2016. Retrieved 12 May 2016.
  6. ↑ "Zona Franca General Pico". Retrieved 12 May 2016.
  7. ↑ http://zofracobija.gob.bo/
  8. ↑ "Integrated Business City - Sri City". Retrieved 12 May 2016.
  9. ↑ Administrator. "MARG Swarnabhoomi smart city by MARG Group, a GRK Reddy Venture". Retrieved 12 May 2016.
  10. ↑ "Account Suspended". www.inspirainfra.com.
  11. ↑ "Shannon Heritage Home". Retrieved 12 May 2016.
  12. ↑ "Korean Free Economic Zones". Retrieved 12 May 2016.
  13. ↑ Authority), BJFEZ (Busan-Jinhae Free Economic Zone. "BJFEZ (Busan-Jinhae Free Economic Zone Authority)". eng.bjfez.net.
  14. ↑ http://www.dgfez.go.kr Archived 2009-06-05 at the Wayback Machine.
  15. ↑ 국문 사이트. "광양만권경제자유구역청". Retrieved 12 May 2016.
  16. ↑ http://www.ifez.go.kr
  17. ↑ "황해경제자유구역청". Retrieved 12 May 2016.
  18. ↑ http://sgfez.go.kr/
  19. ↑ "EFEZ - East coast Free Economic Zone : Invest Gangwondo". www.efez.go.kr.
  20. ↑ 충청북도. "충청북도". eng.cbfez.go.kr.
  21. ↑ "Home". Retrieved 12 May 2016.
  22. ↑ "Stratēģiskais novietojums". Retrieved 12 May 2016.
  23. ↑ "Freeport of Riga - Your Reliable Business Partner in the Baltic Sea!". Retrieved 12 May 2016.
  24. ↑ "VATP". Retrieved 12 May 2016.
  25. ↑ "Laisvoji ekonominė zona Baltic FEZ". Baltic FEZ. Retrieved 12 May 2016.
  26. ↑ "Invest in Klaipėda, Lithuania - FEZ Klaipeda". Retrieved 12 May 2016.
  27. ↑ "Panevėžio laisvoji ekonomine zona - LEZ Panevėžyje". Retrieved 12 May 2016.
  28. ↑ "West Africa's High Value Industrial Free Zone and Logistics Hub". Retrieved 19 June 2016.
  29. 1 2 3 4 "Home". Retrieved 12 May 2016.
  30. ↑ http://www.adb.org/sites/default/files/project-document/66546/36027-07-reg-tacr.pdf
  31. 1 2 "Law on Economic Zones - Invest Mongolia". investmongolia.wordpress.com.
  32. ↑ "TMZ - Tanger Med Zones - TMSA". Retrieved 12 May 2016.
  33. ↑ Islamabad,Pakistan., Ministry of Planning, Development & Reform 'P' block Pak-Secretariat,. "Development of Free Zone - China-Pakistan Economic Corridor (CPEC) Official Website". www.cpec.gov.pk. horizontal tab character in |title= at position 26 (help)
  34. ↑ (PCI), Pakistan-China Institute. "CPEC - China-Pakistan Economic Corridor (CPEC)". www.cpecinfo.com.
  35. ↑ "ZOFRATACNA - Zona Franca de Tacna, Perú". Retrieved 12 May 2016.
  36. ↑ "Special Economic Zones". Manateq. Archived from the original on 2016-04-06. Retrieved 2016-07-29.
  37. ↑ "Free Zone Pirot -". Retrieved 12 May 2016.
  38. ↑ "DP WORLD TO DEVELOP FREE ZONE IN SOMALILAND -" (PDF). Retrieved 6 Nov 2017.
  39. ↑ Rafis Abazov, Historical Dictionary Of Turkmenistan, p. 62, ISBN 978-0-8108-5362-1
  40. ↑ "Ukraine and EU are ready to implement free trade agreement". 112.International. Retrieved August 18, 2015.
  41. ↑ [www.adgm.com/ "Abu Dhabi Global Markets"] Check |url= value (help). www.adgm.com. Retrieved 29 July 2018.
  42. ↑ "JAFZA (Jebel Ali Free Zone)". Business-Dubai.com. Retrieved 23 November 2015.
  43. 1 2 3 "Xây dựng 3 "đặc khu kinh tế" Vân Đồn, Bắc Vân Phong và Phú Quốc" (in Vietnamese). N.Mạnh. 7 December 2016. Retrieved 22 May 2017.
  44. ↑ "Aden Free Zone". Aden Free Zone Authority. Archived from the original on 29 February 2012. Retrieved 12 May 2016.

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
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