IFA backs plan to phase out income levies

IFA sources have welcomed the Commission on Taxation recommendation that income levies be phased-out.

IFA president Pádraig Walshe also welcomed a proposed earned income tax credit for the self-employed as “a start at removing the PAYE tax credit discrimination”.

But he warned that a recommendation to change capital allowances will undermine investment in farm buildings. The commission wants normal capital allowances to apply, after accelerated allowance for capital expenditure on farm buildings for pollution control expires in 2010.

It also wants stock relief for farming businesses scrapped.

Agriculture-related measures which the commission says should be continued are:

* stamp duty exemption relating to the sale or transfer of EU single farm payment entitlements.

* tax incentives relating to forestry.

* restructuring aid for sugar beet growers.

However, it wants tax exemption for payments to National Co-operative Farm Relief Services Ltd discontinued.


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