Thursday, 8 November 2012

Questions (120)

Seán Fleming

Question:

120. Deputy Sean Fleming asked the Minister for Finance the revenue that would be raised from increasing the rate of deposit interest retention tax from 30% to 33% and 35% respectively; and if he will make a statement on the matter. [49286/12]

View answer

Written answers (Question to Finance)

I am advised by the Revenue Commissioners that the estimated yield to the Exchequer from increasing the Deposit Interest Retention Tax (DIRT) rate from 30% to 33% would be of the order of €60 million; and the yield from increasing the rate from 30% to 35% would be €100 million in a full year. This projection assumes no significant behavioural change by depositors or a change in interest rates applied by financial institutions to savings.