The Irish Forestry and Forest Products Association (IFFPA), the Ibec group that represents the forestry sector, today said the exemption of forestry income from the high earners’ restriction provides a major boost to forestry.
Mark McAuley, Director of the IFFPA said: “The budget’s removal of profits from the occupation of woodlands from the high earners’ restriction is very welcome. It will boost the whole sector. IFFPA has worked hard with the Department of Agriculture to remove forestry income from the tax net. This is a major gain and will greatly help the forestry sector to grow and prosper.
“The budget’s action on forestry was essential. It properly rewards long term investment, encourages continued afforestation, ensures efficient harvesting practices and will improve the flow of timber to sawmills and the wood processing industry. The whole forestry supply chain will benefit, as well as the land owner.”
“Forestry has a major role to play in the rural economy and the achievement of Ireland’s greenhouse gas targets. We need more afforestation and our timber processors are crying out for more supply. Wood products are a major export success story and the global market keeps on growing.”