Early tax deadline ‘will cause serious cashflow problems’

FARMERS and business owners will face serious cashflow difficulties due to the Government’s decision to bring forward the ‘pay and file’ dates for self-employed Income Tax and Capital Gains Tax to September 30, according to the Irish Farmers Association (IFA).

IFA president John Bryan said that the timing of the Finance Bill’s self-employed income tax measures would place farmers under avoidable pressure. He also said he was disappointed that the Finance Bill did not include provisions to extend Stamp Duty Relief for Farm Consolidation past its deadline of June 30.

Mr Bryan said: “Farmers will not have received their direct payments by September 30. At a time when farm businesses are facing credit restrictions and cashflow difficulties because of the banking crisis, this measure will create more financial pressure. This proposal should be removed from the Finance Bill.