Quiz 14: Export and Import Practices
Firms that include imported parts in their finished products must pay duty on the imports, but this duty is returned when the product is exported (customs drawback).
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Free trade zones are areas designated by the government of a country for duty-free entry of any nonprohibited good.
If assembly or manufacturing is done in an FTZ using imported components, no duties need to be paid when the finished product is imported.
Payment terms are incidental once the customer need has been identified and a sales price agreed to.
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