Free Trade Zone and Inventory Reporting
A free-trade zone (FTZ) is a geographic area where goods can be landed, stored, handled, manufactured, or reconfigured and re-exported under specific customs regulation. These goods are not subject to customs duty and VAT on the import of raw materials, components or finished goods.
The movement of goods in and out of a Free Trade Zone (FTZ) must be maintained and reported to the Thailand customs authorities.
- All imports into FTZ are import duty free with the condition that imported goods are exported (with or without value addition) within a specified time frame.
- If the goods are not shipped to domestic Thailand area, then import taxes must be paid.
- The quantity exported out of the imported quantity and balance must be recorded.
- The financial company is also required to report on available merchandise inventory or raw materials to Customs Office in every six months
Import Entry Bill (IEB) / Bill of Entry (BoE) is required to clear imported goods from the customs area.
Inventory reporting
The inventory reporting functionality for Thailand provides inventory details for the incoming goods.
Within Infor ERP LN, all the receipts and balances are logged in the Inventory Consumptions (whina1514m000) session and can be linked to the Inventory Receipt Transactions (whina1512m000) session. The import reference number available on receipt header are used as the IEB / BoE document reference number.
Serial No. | Report | Report Contents |
---|---|---|
1 | Inventory balance report | Inventory movement summary with current on-hand balance |
2 | Inventory balance by warehouse | Annual report with opening balance, change (in and out) and closing balance by product, by the import number. |
3 | Export Entry Report | Export report by customer order with line item detail |
4 | Import Entry Report | Imported items with supplier/purchase order |
5 | Inventory Control Report (Special accounts and product control accounts-all) | Inventory movement by product showing invoice level detail |
6 | Goods Movement Report (Detail) | Inventory activity: sold, purchased, balance, complete history |
7 | Goods Movement Report (Summary) | Summary of the above report |