Agri tax consultation process
A public consultation process on a review of Ireland’s farming tax regulations is set to be announced tomorrow by officials from the Department of Finance and the Department of Agriculture.
The process comes on the back of an announcement made by Minister for Finance, Michael Noonan, in the Budget 2014 last October to review Ireland’s farming and agriculture tax reliefs.
Speaking at the time the Minister Noonan said: “It is entirely appropriate this sector has been the recipient of significant tax relief and incentives over the years and these have grown over time. There is now a significant information gap about their cost and effectiveness, therefore I am announcing in conjunction with my colleague, the Minister for Agriculture Food and the Marine, an independent cost-benefit analysis to be undertaken in this area,” he said.
He outlined the objective of the review, “is to identify what works and what doesn’t”, with the aim of redirecting the existing level of tax expenditure towards achieving a maximum benefit in this sector of the economy.
He added at the time: “This review follows recent reviews of the property and film and research and development tax expenditures. Any recommendations will be considered in the context of Budget 2015.”