Tax shocks for dairy and poultry farmers

Dairy farmers and accountants have been shocked by the Revenue Commissioners linking of the receipt of shares by Kerry milk suppliers to trading receipts.

This new departure was revealed in Revenue letters to Kerry Co-op milk suppliers this week, requesting that they review their tax returns for the years 2011 to 2013, on the basis that they received Kerry Co-op patronage shares.

Revenue says the value attributable to those shares should be factored into the income tax, USC and PRSI returns of those years.