Tuesday, 25 June 2013

Questions (225)

Pearse Doherty

Question:

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]

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 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.