Dáil Éireann Debate, Thursday - 16 January 2014
52. Deputy Caoimhghín Ó Caoláin asked the Minister for Finance the total number of deposit-savings accounts on which DIRT tax was paid in each year from 2010-2012; and if he will make a statement on the matter. [1894/14]
View answer53. Deputy Caoimhghín Ó Caoláin asked the Minister for Finance the average payment of DIRT tax per deposit-savings accounts in each year from 2010-2012; and if he will make a statement on the matter. [1895/14]
View answer54. Deputy Caoimhghín Ó Caoláin asked the Minister for Finance if he will provide in a tabular form the number of deposit-savings accounts yielding less than €50 in DIRT tax; the number yielding between €50 and €100; the number yielding between €101 and €200; the number yielding between €201 and €500; the number yielding between €501 and €1,000; the number yielding more than €1,000 in 2012; and if he will make a statement on the matter. [1896/14]
View answer55. Deputy Caoimhghín Ó Caoláin asked the Minister for Finance if he will provide in a tabular form a breakdown of the €580m raised from DIRT tax in 2012; the overall revenue raised from accounts yielding less than €50 in DIRT tax; the overall revenue from accounts yielding between €50 and €100; the overall revenue from accounts yielding between €101 and €200; the overall revenue from accounts yielding between €201 and €500; the overall revenue from accounts yielding between €501 and €1,000; the overall revenue from accounts yielding over €1,000 in 2012; and if he will make a statement on the matter. [1897/14]
View answer56. Deputy Caoimhghín Ó Caoláin asked the Minister for Finance the tax forgone as a result of the DIRT tax exemption scheme in 2010, 2011 and 2012; and if he will make a statement on the matter. [1898/14]
View answerI propose to take Questions Nos. 52 to 56, inclusive, together.
The amount of Deposit Interest Retention Tax (DIRT) collected by the State in the most recent tax year (2013) is €499.5 million approximately. I am advised by the Revenue Commissioners that DIRT on interest bearing deposits is returned on a four-times yearly basis by financial institutions: in April, July and October of the tax year in question and in the following January. Returns for each year are due by 15 January of the following year and the total value of DIRT due and paid is reported to Revenue on the January returns at institutional level. Sufficiently detailed figures are not captured in these returns to enable distributional information to be compiled by reference to deposit amounts, interest amounts or DIRT amounts.
Separately, under regulations, as provided for in Section 891B of the Taxes Consolidation Act 1997, certain financial institutions, such as banks and credit unions, are required to make automatic annual returns at account level electronically to Revenue. The primary purpose of this Section is to provide information for use in risk analysis by Revenue and therefore the requirement to report interest focuses on account holders in receipt of larger payments. The information under section 891B is provided where the total payment of interest is greater than €635 in a year, regardless of deduction of DIRT, and in all instances of a first interest payment irrespective of threshold for accounts opened on or after 1 January 2008. These returns include DIRT exempt accounts. Returns for 2010, 2011 and 2012 were due by the end of March 2011, 2012 and 2013 respectively.
The total number of interest bearing deposit accounts reported under the regulations for 2010, 2011 and 2012 is 1,494,663, 1,428, 648 and 1,100, 991 respectively. The total value of interest paid to these accounts for 2010, 2011 and 2012 is €2.67 billion, €2.37 billion and €2.01 billion respectively. Financial institutions reported 202,807, 188,915 and 170,085 such accounts as being exempt from DIRT for 2010, 2011 and 2012 respectively but data on the amount of DIRT forgone in respect of such accounts is not available.
I am also advised by the Revenue Commissioners that the information provided under the Section 891B regulations does not include information on the amounts of deposits or linking deposits with DIRT amounts. It is also important to note the information received under Section 891B is not limited to individuals but also includes interest payments on accounts held by corporations and other entities.
The Deputy may, however, be interested in a breakdown of the number of accounts for 2010, 2011 and 2012 by reference to ranges of interest amounts. A table with this information is as follows. It should be noted that financial institutions report each party to an account where the account is a Joint Account. This could mean that a joint account is included more than once (i.e., for each of the parties).
|
Range of Interest Reported (€) |
Number of Records Reported |
- |
- |
|
- |
2010 |
2011 |
2012 |
|
Up to 10,000 |
1,465,185 |
1,401,391 |
1,078,398 |
|
10,001 - 25,000 |
18,940 |
17,938 |
14,724 |
|
25,001 - 50,000 |
5,850 |
5,599 |
4,518 |
|
50,001 - 100,000 |
2,694 |
2,268 |
1,941 |
|
100,001 - 200,000 |
1,215 |
951 |
835 |
|
200,001 - 300,000 |
335 |
267 |
255 |
|
300,001 - 400,000 |
152 |
98 |
112 |
|
400,001 - 500,000 |
99 |
75 |
44 |
|
500,001 - 600,000 |
67 |
51 |
45 |
|
600,001 - 750,000 |
54 |
37 |
39 |
|
750,001 - 1,000,000 |
58 |
36 |
39 |
|
1,000,001 or greater |
124 |
80 |
63 |
