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What Does Duty Free Zone Mean In Finance?
Stores categorized as “duty-free” are typically in a duty-free jurisdiction, known as a “duty-free zone.”
Duty Free Zone Example
Locations which facilitate travel, such as international airports and seaports, are commonly categorized as duty-free zones due to travelers commonly leaving the country shortly after making a purchase.
While the duty free shop may be tax exempt, travelers may be expected to pay an import tax upon bringing the goods into a new country. Tax is often incurred only upon bringing goods whose value exceeds a predetermined limit, so retail purchasers often do not need to pay an import tax.
Duty Free Zone FAQs