A new €90/cow suckler scheme and the rollover of a range of farm tax reliefs are the big-ticket items for farmers in Budget 2023.
However, some 20,000 farmers are likely to be locked out of the new agri-environment scheme, ACRES, next year and €46m will be cut from farmer incomes as a result of the flat-rate VAT rebate being reduced to 5%.
The announcement of a new tax relief, which will allow farmers to offset the cost of building slurry tanks, has been tainted by a 10% concrete levy. This could add almost €2,000 to the cost of a three-bay suckler shed next year.
Income tax gains and energy credits are likely to help bolster farm family income. However, they are unlikely to be enough to offset further high input costs in the coming months.
Cut to flat-rate VAT payments will cost farmers €46m
New beef scheme to pay €90/cow
Fodder Support Scheme rolled over
Forestry allocation increased to €112m in budget
Over 20,000 farmers locked out of ACRES
Excise on green diesel extended
Farmers gain access to energy support scheme
More cash for TAMS in solar panel push
New loan scheme to benefit farmers
Concrete levy and relief for slurry tanks