Over 40 Agri-Taxation submissions received
The Department of Finance confirmed this afternoon that over 40 submissions were received as part the public consultation on Agri Taxation, which closed on Tuesday.
The Department thanked all those who participated in the consultation and said it will now consider carefully all submissions received.
The Department of Finance had earlier stated that encouraging and attracting young farmers and new entrants into farming and land mobility, transfers via the market, whether by sale of long-term leasing, are among key focus areas in Ireland’s agricultural tax review.
Also key to the review is a look at succession, earlier lifetime transfers within families and non-family transfers where no apparent successor is available.
In addition officials from both departments of agriculture and finance will examine tax measures related to alternative farming models, collaborative farming such as farm partnerships, share farming, contract rearing or cow leasing. Farm business structures, sole trader or incorporation will also be examined.
Another key element of the tax review will be a focus on environmental sustainability and smart farming, in terms of how the tax system could better influence innovation, skill levels and maximising the adoption of best practice.
The Department of Finance also outlined that, as Food Harvest 2020 is the basis for Government agriculture policy, the primary objective of agri-taxation reliefs is to incentivise farmers to deliver on its objectives of smart, green, growth.
Briefing the media on the taxation review some months ago officials at both departments were keen to stress the tax review was not about trying to reduce the amount of Exchequer support in the tax system to the agri-food sector.