Minister Coveney welcomes budget support for Agri-Food SME's
In a further comment on Budget 2013, Minister for Agriculture, Food and Rural Development, Simon Coveney TD, today welcomed the progressive measures introduced for agri-food SME’s in the Government’s 10-point tax reform plan.
"Budget 2013 recognises the key role that agriculture and the agri-food industry has to play in Ireland’s economic recovery. The measures introduced build on those introduced in Budget 2012 and will enable the sector to continue its success in realising the objectives of Food Harvest 2020.
The Budget also includes additional supports which will benefit the food industry”, Minister Coveney stated; “including new initiatives to support SME’s and an extension of the Foreign Earnings Deduction to apply where an individual spends 60 days a year developing opportunities for Ireland in certain key markets.
What we need now is a young, dynamic, professionally trained cohort of farmers with the enthusiasm to take on new challenges and opportunities in a global marketplace”, Minister Coveney said, confirming that 100% Stamp Duty Relief for Young Trained Farmers is being extended, and this will be reflected in the Finance Bill.
“The tax changes in Budget 2013 incentivise inter-generational land transfer and facilitate farm re-structuring to improve efficiency. This is a clear message of support to the many dynamic younger farmers who plan to expand production over the coming years that I want to help them achieve their ambitions. These changes will also help the sector realise the Food Harvest 2020 targets and increase agri-food exports”.
The Minister also highlighted the changes announced in budget 2013 to Capital Gains Tax provisions to facilitate restructuring of farm land parcels. When taken together with the large reduction in Stamp Duty last year this measure should encourage farmers to restructure their holdings to improve efficiency.
Date Released: 06 December 2012