Fine Gael TD for Meath East, Regina Doherty, has said that Basic Farm Payments of almost €45 million paid so far in 2015, are supporting Meath farmers.
“In Meath, 3,483 farmers have received Basic Farm Payments so far in 2015, making up 96% of payments. In 2016, €1.2 billion in direct funding will be made available from the EU to fund the Basic Payment Scheme nationally.
“This money is essential to support agriculture and farming families in Meath. Basic Farm Payments are also key to supporting the local economy as farmers can spend this money with local suppliers and in small businesses.
“The food industry in Ireland is worth €26 billion and directly employs 170,000 people. Farmers are at the centre of this and it is essential that we offer every support possible. For two successive budgets farming agri-taxation measures have played a central part in the Budget.
“Major new initiatives on ‘Family Transfer Partnerships’ have been introduced to assist in the transfer of land. We have also renewed relief measures on general stock income tax; for young trained farmers and registered farm partnerships. Stamp duty exemptions have been maintained on transfers of land to young trained farmers. This Government has also increased the tax free threshold for Capital Acquisitions Tax by about one quarter from €225,000 to €280,000.
“Changes made to the taxation of the self-employed will impact on most farmers who will benefit from the new €550 tax credit and reduced USC rates. These changes will mean over €800 in additional net income.