Tuesday, 25 June 2013

Questions (225)

Pearse Doherty


225. Deputy Pearse Doherty asked the Minister for Finance the revenue that could be raised for the Exchequer if DIRT was raised by the following; 2%, 3%, 4%, 5%. [30648/13]

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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 33% by 2%, 3%, 4% and 5% would be of the order of €35 million, €52 million, €69 million and €87 million respectively 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.

The figure given for the yield from a 2% increase in the DIRT rate is a downward revision of a figure provided in reply to a previous related question, No. 68 on 25 April last (ref PQ 19659/13). The revision was necessitated by a revision to the basic data becoming available in the interim.