Kerry Co-Op to update financial advisors on Revenue share tax demand

Kerry Co-Op is holding a technical briefing for financial and taxation advisors this evening.

The briefing will enable them to update their clients on the Co-Op’s correspondence with Revenue in relation to patronage shares and any potential tax liability on them.
Last week, Revenue wrote to 400 suppliers detailing varying tax liabilities ranging from 5,000 to 50,000 euro for the patronage shares issued in 2011, 2012 and 2013.
They were given 21 days in which to reply.
The letters came as a shock to both suppliers and their financial advisors and raised concerns that such tax demands could spread to other co-ops around the country.
Following an emergency meeting of Kerry Co-Op it was agreed to propose a test case be taken for one of the suppliers and if this was granted it would be hoped proceedings by Revenue would be frozen pending the outcome of the case.
This evening’s briefing, which is not open to shareholders, will inform tax and financial advisors of the ongoing correspondence between Kerry Co-Op and Revenue in relation to the possibility of taking a test case.
The briefing involving Kerry Co-Op and the Irish Tax Institute will take place in the Brandon Hotel, Tralee at 6.15pm.