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Forestry (2007 Budget Amendment) Act 2006

PAPUA NEW GUINEA

FORESTRY (2007 BUDGET AMENDMENT) ACT 2006

No. 21 of 2006.

Forestry (2007 Budget Amendment) Act 2006

Certified on:16. 05. 07

Forestry (2007Budget Amendment) Act 2006.

ARRANGEMENT OF SECTION.

New Section 121A.

"121A. LOG EXPORT DEVELOPMENT LEVY".

_______________________

No. of 2006.

AN ACT

entitled

Forestry (2007 Budget Amendment) Act 2006,

Being an Act to amend the Forestry Act 1991,

MADE by the National Parliament to come into operation on 1 January 2007.

NEW SECTION 121A.

The Principal Act is amended by inserting after section 121 the following new section:–

"121A. LOG EXPORT DEVELOPMENT LEVY.

"(1) There shall be imposed, at the rate of K8/m3 of total logs exported, a customs duty named "Log Export Development Levy" applicable to all exported logs under Item 44.03 of the Customs Tariff Act 1990 except on the export of plantation logs as defined in the Customs Tariff Act 1990.

"(2) The levy shall be paid into a trust account established by the Minister for Finance for the purpose of receiving the Log Export Development Levy.

"(3) The levy will be paid by an exporter together with the payment of the log export-duty imposed by the Customs Tariff Act 1990 to the Commissioner General who will pay the levy into the trust account referred to in Subsection (2).

"(4) For the purposes of enforcing payment, the levy shall be treated as if it were a customs duty and the provisions of the Customs Act (Chapter 101) relating to payment of duties and recovery of unpaid duty will apply to a failure to pay the levy.

"(5) For the purposes of administering the trust account, there is Log Export Development Levy Committee consisting of:–

(a) the Secretary of the Department of Finance or his nominee; and

(b) the Secretary of the Department of National Planning and Monitoring or his nominee; and

(c) the Managing Director of the National Forest Authority or his nominee.

"(6) The Committee shall approve all expenses out of the trust fund.

"(7) Expenditure of monies from the trust account shall be made only -

(a) in accordance with plans for agricultural or infrastructure development projects in logging areas submitted by the relevant Local-level Government or Provincial Government; and

(b) in accordance with the approval of the Committee.

"(8) The Committee shall –

(a) obtain information from Local-level Governments and Provincial Governments in receipt of monies from the trust account about -

(i) implementation of projects funded by the trust account; and

(ii) compliance of such projects with the plans submitted as the basis for approval of the projects by the Committee; and

(b) provide reports each six (6) months on the matters in Paragraph (a) to the Secretary for Treasury for inclusion in periodical reports by the Treasury on budget outcomes.".

____________________

I hereby certify that the above is a fair print of the Forestry (2007 Budget Amendment) Act 2006 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Forestry (2007 Budget Amendment) Act 2006 was made by the National Parliament on 28 November 2006.

Speaker of the National Parliament.