Tax for agarwood to be set under 25 per cent of local price

Agerwood saplings seen at a nursery.
Agerwood saplings seen at a nursery.

Nay Pyi Taw, 1 Dec— Ministry of Environmental Conservation and Forestry is planning to reduce the tax on agarwood produced by agarwood farms.
The ministry is working to set the tax on agarwood produced at the farms at less than 25 per cent of the local price, according to the ministry.
The ministry has encouraged commercial plantations of agarwood in Myanmar in an attempt to protect Aquilaria agallocha and Aquilaria malaccenis, which produce agarwood, as many Aquilaria agallocha and Aquilaria malaccenis trees naturally grown in forests have been cut down by poachers.
Farm registered at the ministry and have paid the tax on agarwood are allowed to export the agarwood, one of the most expensive forest products in the world. It is highly valued for the making of perfumes.
Myanmar has banned illegal trading in agarwood since 1947.
According to agarwood farmers in Myanmar, 1 viss (1.63 kg) of first-grade agarwood can fetch from K20 million to K30 million, but a tree that is less than 50 years old cannot produce quality agarwood.
Since 1995, Aquilaria malaccensis, the primary source, has been listed in the list of potentially threatened species by the Convention on International Trade in Endangered Species of Wild Fauna and  Flora. GNLM

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