Six things farmers should pay attention to in the household

New Funding Scheme for Forage and Tillage The Funding Scheme for Forage and Tillage (TIS) was introduced last year as an exceptional measure in response to the war in Ukraine. With fertilizer costs expected to be the same for next year’s crops, all eyes will be on whether the government will provide funding for another round of programs.

Self-guided PRSI hike
A huge increase in the PRSI rate paid by the self-employed, including farmers, has been recommended by a panel of experts set up to advise the government.

The self-employed person’s pay rate in related Social Security (PRSI) should increase over time to 11.05 percent from the current 4 percent, the Taxation and Welfare Commission has proposed. The move would affect up to 331,000 people who are self-employed in the state.

Forestry Supply
The state urgently needs a drastic improvement in reproductive rates. As a comprehensive review of the forestry program is to be released, the focus will be on its budget and payment rates. Expenditure on forestry has fallen from €112 million in 2011 to €69 million in 2021 due to the fall in annual afforestation.

Forest Industries Ireland is calling for a significant increase in afforestation grant rates of 40-50 per cent.

Threat to green diesel
As the Greens push for more action on climate change, more fossil fuel taxes are likely to be on the agenda for next year’s budget.

Increasing the excise duty on diesel for consumer and commercial vehicle drivers and removing the eco-diesel concession for farmers have all been proposed.

One of the most unpopular measures recommended by the government is for farmers to stop using green diesel for a period of time.

carbon tax
Carbon taxes will rise again in line with the program for the government, but farmers are currently eligible for relief from carbon tax hikes on farm diesel. Agri contractors have a longstanding campaign to gain access to the facility as well.

However, Treasury Department tax strategy papers released last month proposed phasing out those reliefs altogether. Farmers should watch this closely.

inheritance tax
The Commission on Future Taxation has recommended reducing the level of tax breaks for farmers and businesses.

Under this tax exemption, the market value of a qualifying property or farm is reduced by 90 percent when calculating tax on a gift or inheritance.

Shortening the relief would be an extremely controversial move and deeply unpopular with larger landowners. It seems unlikely that the government will take this step as popularity is already waning.

https://www.independent.ie/business/farming/news/farming-news/six-things-farmers-should-look-out-for-in-the-budget-42002396.html Six things farmers should pay attention to in the household

Fry Electronics Team

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