May 9 (Reuters) - Companies in freeports in Britain will not
get to enjoy the full benefits of the new tax-efficient zones if
they are exporting to certain countries including Canada,
Norway, Switzerland and Singapore, the Financial Times reported
https://on.ft.com/33uMoUI on Sunday, citing government
officials.
Freeports are a special kind of port where normal tax and
customs rules do not apply. Goods that arrive into freeports
from abroad are not subject to tariffs that are normally paid to
the government.
However, the recent post-Brexit trade agreements with 23
countries include clauses which specifically prohibit
manufacturers in freeport-type zones from benefiting from the
deals, the FT report added, citing officials.
In March, Finance Minister Rishi Sunak said freeports will
be set up at East Midlands Airport, Liverpool, Felixstowe,
Plymouth, Thames, Teesside, Humber And Solent.
(Reporting by Nandakumar D and Kanishka Singh in Bengaluru;)