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Industrial Estate vs Export Processing Zone Quiz

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Industrial Estate vs Export Processing Zone Quiz

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Questions and Answers

What is an Industrial Estate (IE)?

A free trade area with no customs or tax regulations
A tract of land developed with infrastructure and utilities for a community of industries (correct)
A specialized export-oriented area located outside customs territory
An isolated area near a port for storing and manipulating imported goods

Which of the following best describes an Export Processing Zone (EPZ)?

A free trade zone with no customs or tax regulations
An area within a port for temporarily storing imported goods
A general industrial area with tax incentives for exporters
A specialized industrial estate oriented towards export production and located outside customs territory (correct)

What is a key characteristic of a Free Trade Zone?

It is an isolated area near a port or airport for handling imported goods (correct)
It is a specialized industrial estate for export-oriented industries
It is a general industrial area with tax incentives for exporters
It is a planned development with infrastructure for multiple industries

Which statement is true about goods moved from a Free Trade Zone to other areas in the country?

They are subject to customs and internal revenue rules and regulations (A) Signup and view all the answers

Which of the following is NOT a characteristic of an Export Processing Zone?

Subject to customs and internal revenue rules for goods entering the country (B) Signup and view all the answers

What is the primary purpose of a Free Trade Zone?

To temporarily store, repack, or manipulate imported goods without customs restrictions (D) Signup and view all the answers

What does PEZA stand for?

Philippine Economic Zone Authority Signup and view all the answers

When was the PEZA created?

February 25, 1995 Signup and view all the answers

What is the main goal of the law that created PEZA?

To promote exports by establishing economic zones with tax incentives Signup and view all the answers

What are the tax incentives available to businesses registered with PEZA?

Exemption from paying income taxes, VAT Exemptions, Customs Duty Exemptions Signup and view all the answers

What infrastructure facilities are provided in economic zones established by PEZA?

Warehouses, cold storage facilities, hazardous waste treatment plants Signup and view all the answers

How long can businesses registered with PEZA be exempt from paying income taxes?

Seven years within industrial estates, ten years outside industrial estates Signup and view all the answers