Dáil Éireann Debate, Thursday - 18 December 2008
101 Deputy Joan Burton asked the Minister for Finance the annual, full-year cost to the Exchequer of exempting interest earned on foreign or off shore bank accounts from the income levy; and if he will make a statement on the matter. [47567/08]
View answerI am informed by the Revenue Commissioners that the cost to the Exchequer of exempting from the income levy all foreign-sourced interest income is estimated to be of the order of €10 million in a full year in terms of 2009 incomes.
However, in not applying the levy to this type of income, regard has to be taken of the fact that the tax liability on these products has been increased by 3 percentage points in Budget 2009. In overall terms, the take from these products will therefore increase by approximately €20 million.
