Bank of Ireland said that record farm profits across the agricultural industry in 2022 are likely to lead to significantly higher tax bills for farmers this November. With much weaker cash flows this year, a substantial tax payment could lead to some difficulties.
Pat Byrnes, agri development manager at Bank of Ireland, told the Irish Farmers Journal that farmers may be facing significant cash-flow pressure amid weaker farm gate prices and continued high input costs.
He encouraged farmers to talk to Bank of Ireland if they are worried about their tax bills, and avail of suitable tax loans.
The loans are structured over 11 monthly payments and carry a variable interest rate of 6.94%. The maximum unsecured amount available per customer is €120,000.