The ICOS delegation from L to R: Michael Harte, Dairygold CEO, Eamonn Farrell, ICOS, Niall Matthews, ICOS Dairy Committee Chair, Minister McConalogue, Edward Carr, ICOS President, TJ Flanagan and Ray Doyle from ICOS.

ICOS presented its Pre Budget submission to the Minister for Agriculture, Charlie McConalogue, T.D., at a meeting held on the 24^th of July in Agriculture House.

ICOS has recommended a range of budget and policy initiatives that will support:

• The retention of Ireland’s Nitrates Derogation;
• The integration of the dairy and beef sectors;
• Generational renewal and succession in the sector; and
• Ireland’s farmer owned and controlled Co-operative business sector.

ICOS reiterated its strong support for the introduction of a strategic risk management tool for primary producers known as “5-5-5”. The taxation measure proposed by ICOS, would enable a farmer to use periods when market returns are higher to create a modest “rainy-day” fund, to support them during periods when market returns are weaker. The ICOS proposal will permit a farmer to voluntarily defer up to 5% of their gross receipts in any one year.  The deferred funds can be drawn down at any time within 5 years and subject to income tax at the time of draw down, but in any case, must be drawn down within 5 years.

The delegation also discussed the ongoing issues related to the Veterinary Medicinal Products, Medicated Feed and Fertilisers Regulation Bill 2023 and the need for maximum possible competition in veterinary medicines. The delegation asked the Minister to revisit his decision in relation to the Straw Incorporation Measure, and ICOS welcomes the subsequent announcement to introduce a baling incentive rather than remove the measure