A meeting in early October brought the planned fiscal precinct in Los Barrios one step closer to reality. The area’s Free Zone and Port of Algeciras will combine to create a fiscal precinct offering huge benefits to companies in the area.
It will also further boost the advantages of the port area in this part of Andalusia.
The Spanish government’s representative in the area, Fran González, met with the port authorities to discuss synergies with the fiscal precinct. Both the Free Zone and Port of Algeciras stand to benefit significantly from the project.
On the one hand, the Port will be able to offer new services to its customers and upgrade its fiscal and customs services. On the other, the Free Zone will further justify its presence in the area and benefit from a strategic position next to the most important Port in Spain.
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Entire area involved
González stated that it is the government’s intention that all social and economic agents in the Algeciras Bay be involved in the project. He said that the fiscal precinct’s purpose is to serve the area and respond to the real necessities of local businesses.
He added that the Port of Algeciras and local industries were necessary to structure the precinct to ensure it brings maximum benefit to the area.
Fiscal and customs benefits for local companies
According to González, companies who set up in the fiscal precinct will ideally be involved in the technological and innovation sectors. This will ensure they bring a differentiating factor to the area.
There are multiple advantages for companies within the fiscal precinct. They include fiscal and customs benefits. These have the potential for big savings on costs, particularly for companies that trade internationally.
Fiscal Precinct Project
The idea for a fiscal precinct is a natural progression from the Free Zone and the Port of Algeciras. The seed for the project was initially sown in 2018 when the government approved the plan. The area of Los Barrios has designated some 130,000 square metres for the precinct, which will house companies who trade internationally.
At Costaluz Lawyers, we believe this project will benefit Los Barrios and Bay of Algeciras hugely and represents a natural synergy between the Port and Free Zone. We look forward to future developments and will keep our blog updated with the latest news.
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