Value Added Tax and Freeport ....
So the magic city is watching as the country attempts to implement the Value Added Tax to its books. Good or bad, depends on the person you are talking to. But for Freeport, as was said before, we may escape the VAT altogether. Why? The Hawksbill Creek Agreement that began this magical city. Here is what it says to VAT: (Thanks Wayne Russell) 14. VAT and the Hawksbill Creek Agreement (HCA) Under Clause 2 of the HCA, the Port Authority and its licensees are exempt from customs duties and taxes on imported goods that are used for developmental or manufacturing purposes within the Port Area, or which support the administrative purposes of the Port Authority. Goods of a consumable nature are excluded from this treatment. In the VAT draft Bill, it is stated that the VAT law would apply in the Hawksbill Creek Port Area where: a taxable supply within the Hawksbill Creek Port ...