Question ID :
What is the objective of FTWZ operations? If foreign entity register with FTWZ in India to do business will it create Permenant Estabilishment in India?
Answer ID :
CA. BALASUBRAMANIAM P
Jun 02, 2021
The objective of FTWZ is to create trade-related infrastructure to facilitate the import and export of goods and services with freedom to carry out trade transactions in free currency. The scheme envisages creation of world-class infrastructure for warehousing of various products, state-of-the-art equipment, transportation and handling facilities, commercial office-space, water, power, communications and connectivity, with one-stop clearance of import and export formality, to support the integrated Zones as ‘international trading hubs’. These Zones are planned to be established in areas proximate to seaports, airports or dry ports so as to offer easy access by rail and road.
Free Trade and Warehousing Zones (FTWZs) are envisaged to be essential logistics infrastructure to facilitate EXIM trade and to root out inefficiencies associated with movement and valued addition of EXIM cargo in India.
Hari Beldona on
Aug 25, 2021