Minister for Finance blames EU rules for €70k cap on agri-tax benefits

Minister for Finance Pascal Donohoe. Photo: Kyran O'Brien
Minister for Finance Pascal Donohoe. Picture: Kyran O’Brien

Ciaran Moran

Younger educated farmers face a cap within the stage of farming helps they are able to avail of at diminished tax charges.

The Minister for Finance, Pascal Donohoe has blamed EU state help guidelines for a cap offered after the Price range on sure tax reliefs.

The Finance Invoice offered a cumulative €70,000 lifetime cap at the get advantages anyone farmer can obtain below 3 farming similar tax reliefs (the younger educated farmer stamp responsibility reduction, inventory reduction for younger educated farmers and succession farm partnerships).

Minister Donohoe mentioned he’s acutely aware of the worries raised by means of the farming our bodies over the problem. On the other hand, he mentioned the foundation of the €70,000 cap lies in EU legislation.

He mentioned EU rules offered in 2014 supply for state help guidelines relating to start-up help for younger farmers and the advance of farms.

The rules supply that “the help quantity in step with younger farmer will be in accordance with the socioeconomic state of affairs of the Member State involved and will be restricted to €70,000”.

Because of this the utmost help quantity allowed below the 3 schemes is €70,000 in step with every farmer who qualifies for the relaxation.

Minister Donohoe mentioned EU state help rules are felony acts that experience an immediate impact in all EU international locations and may also be enforced without delay by means of the Ecu Fee without reference to home Irish legislation.

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