Revenue has issued guidance on the correct tax treatment where milk suppliers receive patronage shares as part of an arrangement when supplying milk to a co-operative. It has come to Revenue’s attention that the correct tax treatment has not been adopted in certain cases.

Revenue are urging taxpayers to carry out a review of their tax returns that have been already submitted and are reminded that they can avail of the qualifying disclosure facility under the Revenue Code of Practice for Revenue Audit and other Compliance Interventions.

Revenue eBrief No. 94/16 on here contains further details.