ICOS plan to counter milk price volatility

ICOS is urging the Government to use the budget to support measures to help farmers cope with dairy market volatility.

Notably, ICOS is proposing the introduction of an income stability tool, a co-op structured agri-taxation measure that would allow a farmer to voluntarily defer up to 5% of his income during a year, to be drawn down anytime within five years.

“This would allow a farmer to draw upon additional revenue when needed most,” said ICOS president Martin Keane.

ICOS also highlighted the risk of further Brexit impacts on Irish agri-food.

Mr Keane said: “In 2015, Ireland exported €5.1bn of agricultural products to the UK market, including €970m in dairy and €1.1bn in beef products.

“A range of issues will require careful consideration by government at the highest level, including market access, administration and customs, equivalence of standards and the impact on the EU budget.”