Willie Penrose
Ceist:220 Mr. Penrose asked the Minister for Finance if he will approve income averaging for pig producers for income tax purposes; and if he will make a statement on the matter. [19546/98]
Written Answers. - Tax Code.
Section 657 of the Taxes Consolidation Act provides for income averaging for full-time individual farmers for income tax purposes. The occupation of land for the purpose of pig production, including intensive pig production, is considered to be farming for the purpose of income tax. Individual full-time farmers engaged in pig production are, therefore, able to avail of income averaging provided all the provisions of section 657 of the Taxes Consolidation Act are complied with. Companies engaged in pig production, however, cannot avail of income averaging because section 657 provides for full-time individual farmers only. I have no plans to amend section 657 of the Taxes Consolidation Act.