Section 5, Tariff Act 1978 is amended by deleting tbe rate indicat€d under

Section 25A ofthe Foreslxy Act No. 7, of 1 988 is amendedby repealing and replacing that section with the following- "25A. (l ) An expofier oftimber log, timber and tirnber products shall pay to the National Revenue Authoriry a timber royalty as follows: l-ffi*-r .1_--- an"i itl H_idr \thB (-otnlrid Sp.(i.s- \kuh itu1odc Uss3,tno tiur fiE lEl6t aJ.rt .f is odrd Fi.rotrt log foa I'n€rorE USSI:?oo plur rd F€rc6! ( l09r] for s .n lE&xle Csn riu6 USS3.o{xr phts l*o ad lulf mrrtet Fi.. of!h. toc. L..15.(rOJ pt'rs llE f€r.cDt {59'.i ot i1t rnrde,l prie ofrhe LE rOB Fr.a!!n klr-t{, pha t*o lrd h.tf!.t!a . (:.!:j oftu it rr.r pricc ofrtc loe. lr-foo' All ouc. sf6id, slrtl fJiD.ooo$ {lw wdn!} fiirh \6lE Cermrchl stnch itEhld. Ciniriu Atl 6rirr SF.i.., *hi.lr E inr..o{B (re sdds) L.l5-00(,pla t n $.16r (lol.} for A{fwst.tio.rld Cirs I Gdrflilg tufigfld ldrr) srwi(.$ I 2021 t3 No. I The Finance Act, (4 Thdmafief nalusoftimber exPorted ,.- . ...,. .... (a) the realised gross price (without discount, commission or deduction) for a sale freeonboard (fob) at the point ofexPort fiom Sierra kone; and (b) determined using- (D the actual terms ofsale; or (ii) in the case of a tramaction between associated persons or where the rimber is not sold within 12 months' using the arm's length staldard as prescribed by section 95 ofthe lncome TaxAct' 2000 (Act No. 8 of2000). (3) Ro.valties imposed by subsection (l) are payable to &e National Revenue Authority before erport; (4) For th€ avoidance of doubt. a truck or lorry carrying abov" 20-io.,t conlainer equivalett of other timber Products other logs shall atb?ct the appropriate royalty imposed' (5) ln this sectiorl "timber" means timber log timber and tfunber proiucts with an origin in Sierra l*ooe bul excludes furniture' edge giue boards, ptywood and wooden transmission poles from planted forests. INCOMETAXACfZNO