U.K. plans to boost trade and growth by building tax and customs free zones at 10 ports around the country.
Deregulated tax havens such as freeports exist in many countries around the world.As incoming lorries disembark from the ferry other lorries line up ready for departure inside the Eastern Dock of the Port of Dover is where the cross channel port is situated with ferries departing here to go to Calais in France on the 29th of January 2020 in Dover, Kent, United Kingdom.U.K.
Tax would be paid on the finished good rather that the component part. The logic is that, with the total tariff due likely to be cheaper on the finished and assembled good, it should encourage global manufacturers to move new facilities into the zone in order to perform assembly. Speaking to CNBC Monday, the former diplomat and trade negotiator, Dmitry Grozoubinski, said freeports and special economic zones could be a place to roll out innovative policies, but it was important not to get carried away by their potential.
Labour Member of Parliament and Shadow Finance Minister John McDonnell accused the government of stripping regulation and the country's tax base. The trade association representing most of the larger commercial ports in the United Kingdom, UK Major Ports Group, cautiously welcomed the move but noted that freeports were more than just tariffs. It said "planning, connectivity and skills" would all be key to success.
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