Fianna Fáil TD for Louth Seamus Kirk has highlighted certain tax implications arising from the recent abolition of EU milk quotas. Deputy Kirk made the comments following the onset of confusion within the farming community over the tax implications associated with super-levy fines.
Deputy Kirk commented, “A large number of farmers are unclear as to their tax implications following the abolition of EU milk quotas. In light of this I want to highlight some advice that was issued by the Revenue Commissioners last April regarding this issue.
“According to the Revenue Commissioners the super levy is an expense of trade and farming. As a result of this, in most cases, farmers can claim back a portion of their super-levy fine. This information is of particular relevance this year due to the fact that many farmers fell victim to a super-levy fine as they were preparing to increase production in advance of the abolition of milk quotas.
“The advice issued by the Revenue Commissioners should provide farmers with certainty as they go about finalising their financial accounts following the removal of the milk quotas” said Deputy Kirk.