Status of forest products changed
Parliamentary reporter The Government is withdrawing the eligibility of certain forest products for “high priority status,” as part of the review of forestry incentives first announced in the 1981 Budget. The main benefit of holding “high priority status” is the qualification for a 40 per cent investment allowance on new plant and equipment. The Minister of Finance (Mr Muldoon) and the Minister of Trade and Industry (Mr Templeton) said that the removal of this investment allowance would reduce the amount of taxation revenue foregone, but that adequate
support for investment in new forestry processing developments remained. Forestry companies would still be eligible for significant assistance under other incentive measures, including other investment allowances, they said. The production of a number of forest products, including chips, pulp, paper, sawn timber, plywood, fibre board, and particle board, would no longer be eligible for designation as a “high priority activity,” the two Ministers said. Full details of the products affected were available from the Department of Trade and Industry.
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Press, 4 February 1982, Page 10
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171Status of forest products changed Press, 4 February 1982, Page 10
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