Adopt an automatic adjustment mechanism for the price of logs, with the determined price adjusted to no less than 85 percent of the formula-based price from October 1, 2010, and a quarterly phase-in thereafter to achieve full consistency with the formula-based price from July 1, 2011.
Introduced at R0. Macroeconomic criticality: to promote fiscal transparency, enhance revenue collections, and ensure sustained output. At R1, Not fully met. The price for October-December 2010 was increased from US$83 per cubic meter to US$90 (equivalent to 82 percent of the formula based price), and for January-June 2011 to US$98. The tax regime for logging is expected to be embodied in a new natural resource tax framework under development.