ICOS lobbies for ‘5-5-5’ Income Stability Tool
This new proposal to counter dairy income volatility combines the existing 5-year income averaging tax scheme with allowing a farmer to voluntarily defer up to 5% of their milk receipts in any one year, plus up to five years in which to draw down the deferred funds as taxable income.
ICOS President Martin Keane said the 5-5-5 tool is needed to help dairy farmers through an unprecedented period of income volatility.
“Action is urgently needed from the next Government, and we need to think outside the box in order to put in place a suite of measures to help dairy farmers to manage volatility.
"This is only one of a series of measures which needs to be introduced.”
