An IFA delegation, led by IFA President John Bryan and Farm Business Committee Chairman, Tom Doyle, recently met with Department of Finance officials to discuss the key taxation issues for farming.
The taxation proposals presented in the IFA pre-Budget submission highlight important tax measures that increase efficiency, encourage timely farm transfers and overall, increase output at farm level.
The key IFA proposals included: Retention of 90% Agricultural Relief and CAT thresholds; Maintenance of Pay and File Dates for Self-Assessment; Exclusion of productive assets such as farmland in the calculation of income assessment for 3rd- level Maintenance Grants; Extension of long term land leasing incentives to include incorporated farm businesses as qualifying lessees; and the Extension of 50% stock relief to registered farm partnerships in all enterprises.
The IFA have stressed that further cuts in the next budget won’t be tolerated.
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