Ivan Yates
Ceist:13 Mr. Yates asked the Minister for Finance if he will give details of the stock relief income tax provisions, if any, for the agricultural sector in 1993.
Ceisteanna—Questions. Oral Answers. - Stock Relief Income Tax Provisions.
As I said in my budget speech on 24 February, I am in the process of examining the question of the possible continuation of this relief in relation to the various relevant factors, including changes in the Common Agricultural Policy. A statement will be made before the commencement of the next tax year on 6 April.
Will the Minister acknowledge that in all previous projects in recent years stock relief has been granted automatically and that 1992 was the reference year for a number of production EC quotas, such as suckler cows, and that people have built up their stock levels? Therefore, it is now more important than ever that he grant the continuation of the relief as before.
For the Deputy's information the reason for this is that during the pre-budgetary submissions I received some proposals and suggestions from both farming bodies about the clawback system asking that I review that system and the disincentives it creates particularly to farmers who are expanding. I undertook to do that just before the budget because the farming organisations made the point that the clawback system — I hope I do not misrepresent their views — is the item——
They want it reduced.
——or abolished. I said I would examine it and I hope to complete that examination in the next few days.
Does the Minister mean that by the beginning of the new tax year, on 6 April, he will make an announcement?
Yes.
Question No. 14, please.