Free Economic Zones (FEZs), also known as Free Economic Territories (FETs) or Free Zones (FZs), are a specific class of Special Economic Zones (SEZs) established by various countries' trade and commerce administrations. These designated areas are designed to attract businesses by offering significant tax incentives, often including very low tax rates or even complete tax exemption.
The primary goal of these zones is to stimulate economic activity, boost foreign investment, increase exports, and create employment opportunities. It's important to note that the specific taxation rules, customs duties, and regulatory frameworks for these zones are determined individually by each host country. In many places, they are highly disputed.
While Free Trade Zones (FTZs) are sometimes used interchangeably with FEZs, they typically focus more narrowly on trade facilitation and logistics. In contrast, FEZs often encompass a broader range of economic activities, including manufacturing, services, and research and development. The common thread among all these zones is the provision of special incentives and reduced trade barriers to businesses operating within their boundaries.
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