Budget 2017: Pressured farmers get chance to opt out of tax averaging
In his Budget speech, Minister for Finance Michael Noonan said the farming sector had been going through a tough time, affected by factors such as the weather and uncertainty over Brexit.
To assist those under financial pressure he said those facing “an exceptionally poor year” would immediately be able to step out of income tax averaging, meaning they pay only the tax owed on the current year, with any deferred tax to be covered in future years. He also said the flat-rate addition for farmers not registered for Vat was being increased from 5.2% to 5.4% from the start of January, while farm restructuring relief, first introduced in Budget 2014, is being extended again to the end of 2019.
