More than 7,000 forest owners across Ireland are set to benefit from total tax-free payments of €33.24 million.

Minister of State at the Department of Agriculture, Food and the Marine, Andrew Doyle TD announced the 2020 forestry premium payment to Irish land-owners earlier this week.

Minister Doyle commented: "This year's forestry payments have commenced early and total payments issued exceed the payments made at the same time last year by almost 30%. 

"This tax-free payment illustrates that forestry remains a very viable long-term investment option for farmers providing a regular income stream for up to 15 years after planting and a stable market for timber. This farm-forestry model also allows farmers to diversify their income while still maintaining livestock if they wish. I would encourage all farmers to consider the options provided under the current Forestry Programme and discuss the range of schemes with their agricultural advisor."

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This payment run also represents a 40% increase in terms of forest owners who applied for premiums compared to last year and reflects the success of the move to a fully online application system.

Payments will continue each week and forest owners who have not submitted their online applications so far can apply online for their forestry premiums through the Department's Online Services website.

(CM/MH)