Analysis helps manufacturers and distributors evaluate the bottom-line value of leveraging the US Foreign-Trade Zones program
QAD Precision, an industry-leading provider of global trade and transportation execution solutions, announced a complimentary Foreign-Trade Zone (FTZ) Cost/Benefit Analysis. This analysis calculates the cost savings manufacturers and distributors could realize by leveraging the Foreign-Trade Zones program. QAD Precision is a division of QAD Inc.
Under the US Foreign-Trade Zones program, goods imported into an FTZ are considered to be outside the US commerce and customs territory. As a result, no duties are paid on imports until such time as the goods enter US commerce. Should goods be exported from the FTZ, no import duties are paid.
“Companies that establish and operate an FTZ must adhere to significant compliance requirements around inventory controls. With our free FTZ Cost/Benefit Analysis, organizations can discover the value FTZ can bring to their bottom line,” said Corey Rhodes, President of QAD Precision.
QAD Precision Foreign-Trade Zone was developed in collaboration with senior consultants and FTZ practitioners to create a user-friendly and configurable FTZ Inventory Control and Recordkeeping System (ICRS). QAD Precision FTZ ensures compliance with FTZ regulations while lowering FTZ administration costs.
“Most companies considering an FTZ do so in order to defer import duties or eliminate the need for duty drawback. However, the Cost/Benefit Analysis will help uncover other opportunities for cost savings, such as relief from inverted tariffs and reduced Merchandise Processing fees and brokerage fees,” added Mr Rhodes. “With QAD Precision FTZ, companies can slash import costs while accelerating supply chain velocity.”