KUCHING: Sarawak timber companies would likely see their earnings take a hit after state authorities raised the price of a timber tax by more than 6,000% from July 1.
Sarawak timber firms were notified of the hike via a recent circular entitled “New Rate for Hill Timber Premium (Sarawak Foundation Fund)” issued by Sarawak forestry director Sapuan Ahmad that would see the hill timber premium jump to RM50 per cubic metre from 80 sen per cubic metre, a hefty 6,250% increase from July 1, 2017.
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