Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I move amendment No. 21:

In page 29, between lines 2 and 3, to insert the following:"Income volatility for the farming sector

17.The Minister shall within 3 months of the passing of this Act, prepare and lay before Dáil Éireann a report on the feasibility of introducing further tax provisions and stabilisation tools to deal with income volatility for farm enterprises both in terms of income tax and corporation tax.".

The Minister of State, Deputy D'Arcy, will be quite familiar with this issue of income volatility in the farming sector, an important issue for farmers throughout the country. There is very significant income volatility and in recent years, there have been improvements in the taxation environment to deal with it. In particular, the income averaging system was an important reform. Last year, the opt-out provisions for one year were also a very significant help.

Problems persist, as the Minister of State, Deputy D'Arcy, will be aware. Farmer organisations put forward a number of different options to provide for greater stabilisation in respect of income volatility. I have looked at a number of them. I am sure the Department engaged and considered them as well. In that regard, the purpose of putting down this amendment is to call for a report examining the feasibility of introducing further provisions to deal with the issue of income volatility for farm enterprises.