IFA President Joe Healy has welcomed the decision by Kerry Co-op to engage directly with the Revenue on behalf of their suppliers on the tax treatment of patronage shares.
Joe Healy said the information contained within the letter received this week from the Revenue Commissioners, and the demand for a voluntary disclosure within 21 days, had caused considerable concern and anxiety among farmers in receipt of the letter. “Providing farmers with 21 days’ notice as the first means of communication on the issue is simply not acceptable.”
Mr Healy said, “The decision by Kerry Co-op on patronage shares is a positive move, as it is very important that farmers are supported. It is only correct and fair that while further investigation of this issue is undertaken, there must be no accumulation of interest or penalties for farmers”.