Inventory transactions of goods in a free zone

In Latvia there are free ports, as well as special economic zones in which companies may, by entering into an agreement with the Free Port Authority or the administration of a special economic zone and receiving a relevant permit, perform commercial activities in the free zone mode. The territories of such capital companies (commercial companies) are free zones and the free zone regime is applied to these capital companies (commercial companies), i.e. a set of tax incentives and special customs control measures.
The storage of goods in a free zone shall be subject to a special procedure; the goods shall not be subject to the lodging of a customs declaration and no guarantee shall be used.
The goods may be stored for an unlimited period of time.
Persons who perform activities, which include the storage, processing or processing of goods or the purchase or sale of goods in free zones, shall keep relevant accounts in a manner approved by the State Revenue Service (hereinafter - SRS).