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To put it simply, a duty-free store is a retail establishment where items are sold without being subject to local or national taxes, provided that the goods are used outside of the country. These shops are usually found in 'Duty-Free Zones,' which are the designated areas exempt from duty fees or charges.
According to the Cambridge dictionary, a duty-free zone is an area where goods can be imported or exported without paying taxes such as import, sales, value-added or other taxes.
These zones are usually found in seaports, airports or other approved locations. They are meant to promote tourism by providing tax-free shopping opportunities and a way for travellers to save money on goods while also facilitating international trade.
Customers shopping from countries with high taxes and duties will particularly benefit from this. Many travellers usually purchase items like alcohol, tobacco, electronics, fashion accessories and confectionaries from these stores.
When you shop from a duty-free store, you avoid paying taxes on the goods, thereby reducing the overall cost of the product.
There are rules and regulations in place when shopping duty-free, such as a restriction on the kind of goods purchased, volume of goods purchased, age restriction on goods like alcohol and tobacco products, etc.
Some countries can also impose a tax on the goods brought in from a duty-free zone.
For example, in the European Union, you need to pay duties for the goods bought while travelling between EU countries, but the same are duty-free if taken outside Europe.
The duty-free regulation depends on the country of residence, destination country and length of stay. It also depends on the item and its cost.
You can check the customs allowances of different countries here.
Duty-free zones are typically found in:
Duty-Free Zones (DFZs) are regions designated for the purpose of importing, storing, manufacturing, or processing goods without the payment of customs or taxes. They prove to be economical to the customer and the country of purchase. Some of the benefits of DFZ are mentioned below:
Duty-free zones are a great place to shop for items you might not find elsewhere. You can avail of great deals and discounts when you shop duty-free online or in-store. They are a perfect place to buy global brands at lower costs and enjoy premium shopping privileges.
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Disclaimer -
Your policy is subjected to terms and conditions mentioned in your policy schedule and policy wording. Please go through the documents carefully.
The information mentioned here about the countries, visa fees and others is taken from different sources. Digit Insurance is not promoting or recommending anything here. Please verify the same before you book your tickets, apply for a visa, buy a travel policy or make any other decision.
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