The determined value for export round logs in Solomon Islands will rise on May 1st.
The determined value is used to calculate the government's duty revenue from the export of round logs and is often also used to determine the payment to resource owners.
The acting Minister for Finance and Treasury Gordon Darcy Lilo and Minister of Forestry Sir Allan Kemakeza announced the increase for the second time since 2003.
This is despite increases in world prices for the commodity during the period from around US$60 per cubic meter to US$150 per cubic meter.
The Ministers also announced a change to the process for setting the determined value of export round logs to ensure that Solomon Islands always gets a fair return from the extraction of the country's natural resources.
The result of the new process will be a slight increase to the true market value of US$71 per cubic meter to US$78 per cubic meter on 1 May, and a further increase to the true market value of US$85 on 1 June 2008.