The Government must take action on transparency in the food chain.

“At a time when the ABP group factories have cut beef prices to ridiculous levels for farmers, it is particularly galling for beef farmers to see Larry Goodman make such huge profits and routing them through Luxembourg and Liechtenstein with an intricate web of transactions designed to avoid tax,” he said.

“It smacks of greed, greed and more greed,” he said.

“It leaves a bitter taste for beef farmers who are on incredibly low incomes, are struggling to cover their bills and who face a very uncertain future,” he said.

The IFA has repeatedly asked the Competition and Consumer Protection Commission (CCPC) to investigate the margins in the beef industry as it’s very clear that farmers are not making money when the price is below the cost of production.

“This amount of untaxed profits offshore must prompt a rethink at Government level and within the CCPC. They cannot continue to ignore the facts in front of them.”