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Quick takeaways
- Free ports offer tax advantages to stimulate business growth by processing goods without import taxes.
- Croydon council faces financial crisis from mismanagement, including a housing company debt write-off.
Deep dives
The Concept of Free Ports
Free ports offer special tax advantages, primarily in customs duties, allowing for the movement of goods in and out without incurring normal import taxes. The goal is to stimulate business growth by encouraging the processing of raw materials into finished goods within these designated areas.
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