TSX: WEF
VANCOUVER, BC , Sept. 16, 2020 /CNW/ - Western Forest Products Inc. (TSX:WEF.TO) ("Western" or the "Company") announced today that the British Columbia provincial government (the "Government") has provided additional information on the implementation of amendments to the Manufactured Forest Products Regulation (the "Regulation"). On January 21, 2020 , the Government announced that the Regulation was being amended to include requirements for lumber made from Western Red Cedar and Cypress (yellow cedar) to be fully manufactured to be eligible for export.
The additional information provided by the Government includes the application of a tax on Western Red Cedar and Cypress exported from the Coast of British Columbia within 3,000 miles from British Columbia . The amount of the tax varies depending on the extent of processing applied to the lumber before it is exported.
"We are disappointed the Government has chosen to add additional regulatory burden and costs during a global pandemic to an industry that is already disproportionately impacted by the application of US softwood lumber duties", said Don Demens, President and CEO of Western.
Western is in the process of reviewing the Regulation and the additional information provided by the Government to determine its impact on our business.
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