Vol. 453 No. 4
72 Mr. Callely asked the Minister for Finance his view on DIRT; if his attention has been drawn to public concern regarding this tax; the plans, if any he has to abolish the tax; and if he will make a statement on the matter. [9512/95]
Deposit Interest Retention Tax (DIRT) is deductible at source on deposit interest savings accounts and is chargeable at 15 per cent of interest paid on special savings accounts and 27 per cent of interest paid on ordinary deposit accounts. DIRT satisfies an individual's full liability to income tax in respect of such interest.
Certain categories such as companies, pension funds, registered charities and non-resident persons may, on completion of the appropriate declaration, receive such interest without deduction of tax. There is also provision for the repayment of DIRT to individuals who are not liable or fully liable to income tax, where the individual or his/her spouse is over 65 years of age, or is permanently incapacitated by reason of mental or physical infirmity from maintaining himself or herself.
