Cork South West TD, Margaret Murphy O’Mahony has called on Ministers Michael Creed and Paschal Donoghue to engage with farming organisations over concerns about changes to stamp duty made in the Budget.
The Government increased stamp duty on commercial land transactions from 2% to 6%, which has raised concerns in the farming community that many farmers will be hit by new higher tax if they sell or transfer land.
“I am calling on Ministers Creed and Donohoe to take the time to meet with farming organisations and take on board their concerns. All of the issues which have been raised over the past number of days need to be considered and addressed”, said the local Fianna Fáil TD.
“The Government needs to bear in mind that farming is a low income industry, with average incomes for 2016 of €24,000 and in the case of cattle farms an average income of €13,000.
“The impact of this increase on such a low income industry needs to be taken into account. Farmers over the age of 67 who wish to transfer land to another family member will see their stamp duty payments triple as a result of this measure unless the Government reconsiders its approach.
“There is a responsibility on the Government to ensure that no farmer is unfairly penalised as a result of this new measure and it is imperative that Ministers Creed and Donohoe meet with farming groups to find an agreeable resolution,” concluded Murphy O’Mahony.