4 Jan 2007

Solomons increases export duty on round logs

11:29 am on 4 January 2007

The Solomon Islands Finance Minister Gordon Darcy Lilo, has announced an increase in the price used to calculate the export duty on round logs, which may boost government revenue by around five-point-two million US dollars a year.

The determined prices which have not been revised since 2003 will increase by about 30-percent to reflect the rise in international log prices over recent years.

Mr Lilo says the revenue will be used to provide services to the community and achieve the country's rural development goals and aspirations.

The Minister made his decision based on advice from the Comptroller of Customs and the Commissioner of Forests.