Thursday, 24 October 2013

Questions (93)

Michael McGrath

Question:

93. Deputy Michael McGrath asked the Minister for Finance the amount of deposit interest retention tax that is expected to be collected in 2014; the way this compares to the projected outcome for 2013; and if he will make a statement on the matter. [45571/13]

View answer

Written answers (Question to Finance)

Deposit Interest Retention Tax (DIRT) is contained in the income tax estimate for 2013 and 2014 shown in Table 8 on page C.15 of the recently published Budget 2014. The income tax forecast includes €500 million of DIRT in 2013. As the Deputy will be aware, the DIRT rate was increased to 41 per cent in Budget 2014 as set out in the Summary of Budget Measures. This is expected to yield €105 million in 2014 and €140 million in a full year. Taking this and the expected prevailing economic environment into account, the yield from DIRT in 2014 is estimated to be of the order of €625 million.

It should be pointed out that these figures are subject to revision as emerging fiscal and economic data are taken on board.