Annual Reports – Will You Be Ready?
The due date for FTZ Board Annual Reports is just around the corner – will you be ready? As you know, these reports must be submitted on zone and subzone activity no later than the last business day in January of each year. The report includes information on a federal fiscal year (October 1 through September 30), so it’s not too early to start thinking about pulling together the needed data for your annual report.
Whether this is your first Annual Board report or your tenth, the following helpful tips can make your annual reporting process easier:
- Zone reports should reflect only activity within activated portions of zones/subzones
- Zones approved prior to October 1, 2010 must submit a project status report
- Grantees must submit status reports for any inactive subzones
- Employment figures should include both direct and contract persons working within the activated area that had zone operations during the year
- In general, all data must be in a non-proprietary form
- In reporting the amount of Customs duties collected, you may use an estimate that is agreed upon by Customs officials
Do you think it will be OK if you are a little late handing your Annual Board report over to your grantee? You may want to reconsider… failure to submit a report can be considered a violation of the FTZ Act and can result in revocation of your zone grant.
Visit the FTZ Board website for more information on electronic submission of reports, guidelines for reporting on the economic effects of zone activity and how to report figures for movement of merchandise tables.
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