asked the Minister for Finance if he intends to allow farmers the option in the coming financial year of computing their liability for income tax by way of 40 times the valuation of the holding less certain expenses; and if he will make a statement on the matter.
Ceisteanna — Questions. Written Answers. - Farmers' Tax Liability.
99.
In my speech on Second Reading of the Finance Bill, 1974, I said that while tax liability would normally be based on actual profits, the alternative of a notional basis of assessment would be given for a transitional period because of the difficulties that would arise for farmers who had not kept accounts up to that time. I also indicated during the Committee Stage debate in Seanad Éireann on section 21 of the Bill that it would take more than one year to have farming taxation based on actual accounts. Accordingly, I will be proposing in the Finance Bill, 1975, that the notional basis of assessment will be available for the year 1975-76.