The Minister for Finance and Treasury, Hon Gordon Darcy Lilo, has today announced that the government has agreed to increase the determined value of log exports.

The purpose for doing this is to ensure that the determine value is moving closer to the international prices our logs are receiving in the world markets.

Determining the value of round log exports in line with international prices also ensures that fair export duties are paid for the logs being exported from the Solomon Islands.

The increase will be done in two stages and will be effective from October 2010 to April 2011.

First, the determined value of logs will be increased from an average of US$83.00 to an average of US$90.00, an increase of US$7.00. This average determined price will be effective to the end of the year.

This will be then followed by an increase of the determined value to US$98 for the first quarter of 2011 (January to June), an increase of US$8.00.

Minister Lilo said the logging industry was the largest industry in Solomon Islands and very important to the Government's revenue.

From this revenue the government will be able to finance service delivery in the form of health, education and investment in our communities.

"We want to make sure we get adequate revenue from the nation's valuable forests. We also need to be sure that the determined value is a fair reflection of the international price for logs," the Minister said.

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