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08.11.2005 Business & Finance

Export Duty on Wood Products removed

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Takoradi, Nov.8, GNA - The Export Duty on Timber, Veneer and Plywood Products has been removed since April 1, this year.

This was announced by Mr Alhassan Attah, Executive Director of the Timber Industry Development Division (TIDD) in a statement issued on Tuesday and copied to the Ghana News Agency (GNA) in Takoradi. It said "The removal of duty on the wood products took effect from April 1 this year in accordance with the Government 2005 Budget Statement on the issue and the promulgation of the Customs and Excise (Duties and other Taxes) Amendment Act, 2005 (Act 686)." The statement said the TIDD had received formal notification from the Commissioner of Customs, Excise and Preventive Service (CEPS) and the Ministry of Lands, Forestry and Mines about the removal of the Export Duty.

It said, "This means that Export Duty on Timber, Veneer and Plywood Products is no longer in effect".

The statement said, "Accordingly, the indemnity by the Banks for Exporting Companies to guarantee the payment of this duty in the event of default is no longer required."