Revenue raise objections on Co-op shares test case

REVENUE officials have raised an objection to the farmer involved in the test case for the appeal against tax demands on co-op patronage shares.

Deloitte have sought clarification from the State body on the reasons behind the move.

Farmers have been concerned at being left in a state of ‘limbo’ after Revenue issued tax demands to 400 Kerry Co-op members and a test case was due to take place urgently.

Farmers at Kerry Coop’s AGM also heard that arbitration over the ‘13th payment’ for the 2015 milk price was ongoing.

Co-op board chairman Mundy Hayes described it as an “embarrassment” and told farmers that the issue needed to be addressed and concluded before Kerry Group plc CEO Stan McCarthy retires later this year.

It is understood no offer has been made under arbitration so far.

Farmers heard Co-op spending stood at €1.5m last year, with €640,000 spent on consultants and financial advice.

Conversion

A dividend of €2.75 was announced for co-op shares.

Other issues raised by farmers included the conversion of Co-op shares to Plc shares.

It comes as Kerry Co-op has advertised for an executive to take up the role of company secretary with a financial role that had previously been supported by the Kerry Group plc.

It follows the departure of Mr McCarthy as Co-op CEO over a year ago and the conclusion of services to the Co-op by Kerry plc company secretary Brian Durran.