IFA call on minister for tax reform

FURTHER measures to secure a tax and financial environment that supports the consolidation of farm holdings and the increased scale and efficiency of farms is a key aim of the Irish Farmers Association’s pre-budget submission to Tánaiste and Finance Minister Brian Cowen.

The IFA said it fully acknowledges the response by Mr Cowen in the 2007 Budget and Finance Act, resulting in substantial improvement in the land leasing income tax exemption scheme, and related reform of Capital Gains Tax (CGT) retirement relief on leased land.

However, president Pádraig Walshe said a number of disincentives which are negative to farm advancement remain in the taxation system and he hoped these can be removed in the budget.