In the 2010 "Doing Business Report", Colombia was ranked as the most business-friendly country in Latin America. One of the ways that Colombia's government promotes business is the establishment of free trade zones.
The following are the most relevant Free Trade Zone Benefits:
1. A single 15% income tax rate
2. The declaration granting FTZ status is valid for maximum 30 years, renewable for another equal term.
3. Goods introduced from the rest of the world into a FTZ (i.e. capital goods) do not accrue VAT or custom duties.
4. Goods exported from a FTZ benefit from the Trade Agreements signed by Colombia.(Except Peru)
5. Raw materials, parts and inputs sold from a national customs territory to FTZ users will be VAT exempt.
6. Exports may be made from the FTZ to the rest of the national customs territory.
7. Possibility of partial processing outside the FTZ for a period of up to six months.
8. Quick and simplified customs procedures.
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