What Budget 2022 means for farmers and how stealth taxes will impact

For a dairy farmer milking 100 cows, the flat-rate addition adjustment might reduce farming income by about €250

The upward trends in fuel, and natural gas prices, as well as the expected significant lift in feed and fertiliser prices for the coming season is worrisome

This year’s budget was a bit of a damp squib. Let’s be grateful though that the Government didn’t decide to go on a tax-collecting rampage to shore up this year’s budget deficit.

However, there are a number of areas where farmers will end up paying additional stealth taxes. Perhaps the most significant of these tax hits will come in the form of the adjustment of the flat-rate Vat addition from 5.6% to 5.5%.