An Act to abolish the payment of annual land rental bid premium on contract area and merging of export taxes into stumpage/production fee in the forestry sector of the Liberian economy.

This Act abolishes the Annual Land Rental Bid Premium paid on Contract Areas and provides that export fees payment on logs and processed wood products are merged into stumpage/production fee. In lieu of the abolished Premium, the Forestry Development Authority (FDA) is authorized to levy, through Regulations, a special production-based fee (stumpage premium) to compensate for revenue loss associated with the cancellation of Annual Land Rental Bid Premium. The FDA is by this Act authorized to ensure that the fees structure in the Liberian Forestry sector is appropriate to protect the competitiveness of the Liberian forestry industry and to ensure reforestation for the lasting protection of the Nation’s forests.