Billy Timmins
Question:100 Mr. Timmins asked the Minister for Finance his plans to bring forward tax proposals to assist in the development of the agricultural industry; and if he will make a statement on the matter. [25667/02]
Written Answers. - Tax Reliefs.
There is already in place a generous package of reliefs that continue to be available exclusively to the farming sector. These include accelerated capital allowances for expenditure incurred on farm buildings; accelerated capital allowances in respect of expenditure incurred on certain pollution control measures; capital allowances in respect of expenditure incurred on the purchase of milk quota and an exemption from income tax in respect of certain income from certain leased farmland.
In addition, certain young trained farmers can also qualify for full relief from stamp duty on the transfer of land. I announced the continuation of this relief in my recent budget. As the Deputy is aware, I also indicated in my recent budget speech that reliefs narrow the tax base and that a widened tax base is the price that must be paid to keep tax rates at their current low level. There are, therefore no plans to introduce additional tax reliefs for the farming sector.