Date Posted: 14.10.2015
New taxation measures for the Forestry sector in Budget 2016
Tom Hayes TD, Minister of State at the Department of Agriculture, Food and the Marine with responsibility for the Forestry, Horticulture and Greyhound sectors has today welcomed the allocation of € 113.8 million for the 2016 forestry programme.
Forestry Sector € 113.8 Million
€113.8m will be made available under the Forestry Programme in 2016. This will provide for existing premia payments and support the planting of approximately 7,000 hectares of new forests. “These new forests, in addition to their eventual value as a raw material for the processing industry, will make an important contribution towards meeting climate emission targets through carbon sequestration and fossil fuel replacement” said Minister Hayes
Referring to the removal of forestry income from the ‘High Earners Restriction’ for active foresters and farmers is significant measure in support of national forestry policy, Minister Hayes said “I believe that this is a very progressive move, the benefits of which will be felt long into the future. Forestry is of major economic importance in rural Ireland, as well as providing social and recreation benefits. Forestry also plays a huge role environmentally in terms of carbon sequestration, the potential of biomass energy and the preservation of biodiversity and natural habitats”.