The Tax Appeals Commission informed Kerry milk suppliers last week they had been successful in their appeal against Revenue over the tax treatment of patronage shares.
Kerry milk suppliers have won their appeal case taken against Revenue over the tax treatment of patronage shares issued by Kerry Co-op.
Last Friday, the Tax Appeals Commission ruled that patronage shares issued by Kerry Co-op to milk suppliers should not be subject to income tax.
Some farmers were potentially facing an income tax bill as high as €50,000 on the shares
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Over 3,500 Kerry milk suppliers were potentially facing an income tax bill in excess of €20m on patronage shares issued in 2011, 2012 and 2013 after Revenue had taken the stance that these shares were liable for income tax.
Some farmers were potentially facing an income tax bill as high as €50,000 on the shares.
The Irish Farmers Journal understands that the Revenue Commission now has three weeks to appeal the ruling by the Tax Appeals Commissions, if it so wishes.
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Title: Kerry farmers win appeal over €20m tax bill
The Tax Appeals Commission informed Kerry milk suppliers last week they had been successful in their appeal against Revenue over the tax treatment of patronage shares.
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Kerry milk suppliers have won their appeal case taken against Revenue over the tax treatment of patronage shares issued by Kerry Co-op.
Last Friday, the Tax Appeals Commission ruled that patronage shares issued by Kerry Co-op to milk suppliers should not be subject to income tax.
Some farmers were potentially facing an income tax bill as high as €50,000 on the shares
Over 3,500 Kerry milk suppliers were potentially facing an income tax bill in excess of €20m on patronage shares issued in 2011, 2012 and 2013 after Revenue had taken the stance that these shares were liable for income tax.
Some farmers were potentially facing an income tax bill as high as €50,000 on the shares.
The Irish Farmers Journal understands that the Revenue Commission now has three weeks to appeal the ruling by the Tax Appeals Commissions, if it so wishes.
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