REMINDER: DON’T PAY A DEPOSIT BEFORE YOU GET TAMS APPROVAL

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REMINDER: DON’T PAY A DEPOSIT BEFORE YOU GET TAMS APPROVAL
03 Aug 2017

REMINDER: DON’T PAY A DEPOSIT BEFORE YOU GET TAMS APPROVAL

Farm Schemes, Rural Development

Following recent clarification from the Department of Agriculture, IFA is advising farmers who have applied for TAMS and are purchasing items such as bulk tanks, milking machines, or other equipment not to pay a deposit until such a time as they have got written approval for TAMS from the Department.

Under the terms of TAMS it is not permitted to commence work or to purchase equipment prior to approval. The Department considers payment of a deposit as breaching this condition.

IFA Rural Development Chairman Joe Brady said this is unfairly penalising farmers.

Under the terms of TAMS, commencement of work or purchase of equipment prior to approval (including payment of a deposit) may result in the rejection of the amount in question, the rejection of the investment or rejection of the application. If the deposit is less than 20% of the value approved, only the deposit is rejected, residue is eligible. If the deposit is >20% and <50% , relevant investments will be rejected and if the deposit is >=50%, there is nil payment.

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