Top

KERRY Co-op shareholders will not be liable for taxes on patronage shares issued to milk suppliers following a landmark ruling last week

PSC Accountants & AdvisorsFeatured KERRY Co-op shareholders will not be liable for taxes on patronage shares issued to milk suppliers following a landmark ruling last week
news-app-revenue-logo

KERRY Co-op shareholders will not be liable for taxes on patronage shares issued to milk suppliers following a landmark ruling last week

The Tax Appeals Commissioner has found in favour of Kerry Co-op in a test case involving Kerry Co-op and Revenue, as regards the valuation of patronage shares.
The case follows the issue of tax demands by Revenue to 400 farmers in late 2016. These demands related to the issuing of patronage shares by Kerry Co-op to its dairy farmer shareholders in 2011, 2012 and 2013.
A test case, which challenged the validity of the Revenue’s tax demands, was lodged in early 2017.
That test case was heard by the Tax Appeals Commissioner in November 2017, but the initial findings of that process were only issued last Friday.
Revenue has not ruled out appealing the Tax Appeals Commissioner’s decision. A spokesperson for Revenue described the Kerry Co-op judgement as a “complex matter involving other cases”, which is “receiving careful consideration and advices. As such, Revenue has nothing further to add at this time”.
A link to the newspaper report on this can be found at: www.independent.ie