Free Zones Act       The Finance Bill proposes to amend the definition of 'value' in respect of imported goods as contained in the Free Zones Act 1990 (FZA), so as to bring it in line with the new valuation regime on imported goods as agreed under the Marrakesh Agreement Establishing The World Trade Organisation. The above proposed amendment shall come into force on January 1, 1998.       Under the FZA, a senior officer of Customs may return movable property seized to the owner or other prescribed persons subject to security being furnished. The security had to represent an amount not less than (amongst other things) the open market value of such property on the date on which it was returned. The Finance Bill proposes to vary one of the methods of valuation of the said security so that it represents an amount not less than :- a. their open market value for property other than dutiable or uncustomed goods; and b. their value for dutiable or uncustomed goods. The above proposed amendments shall come into force on January 1, 1998.

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