O’REILLY WELCOMES €1.203 BILLION INVESTMENT IN AGRICULTURAL SECTOR UNDER BUDGET 2014

Fine Gael TD for Cavan and Monaghan, Deputy Joe O’Reilly, has welcomed significant amounts of investment in the Agriculture Sector, as outlined in Budget 2014. Following Minister for Finance, Michael Noonan TD’s Budget 2014 Speech, the Deputy had this to say, ‘I very much welcome the €1.203 billion investment into the Agriculture Sector, under Budget 2014. This year’s Budget in the Department of Agriculture is a stepping stone to a new Common Agricultural Policy Framework, which begins in 2015.’

Commenting on the incentives put in place the Deputy said ‘There are substantial levels of investment under various areas within the Department, such as;
• €40million invested in the Beef Sector
• Maintaining €195m allocation for Disadvantaged Area Scheme and the €100m allocation for the Forestry Programme.
• €15m for Targeted Agriculture Measures which will support on-farm modernisation; specifically for Dairy Farmers ahead of the planned removal of milk quotas in 2015.
• Increasing the Grassland Sheep Scheme to €15m in 2014.
• Increasing allocation to Horticulture Sector from €950,000 to €4.2 million.

‘Another welcome feature of the Budget is the extension of the Capital Gains Tax retirement relief. This is very welcome news to many bachelor farmers in Cavan and Monaghan who have no children to transfer their land to, as the extension of the scheme will now mean that they are now able to avail of this Tax Relief. This, coupled with the maintenance of the 100% stamp duty and stock relief, will also improve land access for a number of younger, trained farmers in Cavan and Monaghan’ continued the Deputy.

Commenting on the increase in Farmers Flat Rate Addition Tax the Deputy said‘The increase in farmer’s flat rate addition from 4.8% to 5% (This scheme compensates unregistered farmers for VAT incurred on farming outputs) is a very positive development as it essentially puts money back into farmers pockets and it is estimated that it will return an additional €10m to farmers by the end of next year.’

‘The agri-food and fishing industry is enjoying a period of strong success and all signs point to continuous growth for the sector. Budget 2014 will ensure that growth is promoted in this vitally important area’ concluded the Deputy.

Ends

Senator Joe O'Reilly representing Cavan & Monaghan 2010. | An ExSite website