Tuesday, 13 May 2014

Questions (202)

Michael McGrath

Question:

202. Deputy Michael McGrath asked the Minister for Finance the yield to date from the levy on domestic banks introduced in budget 2014; and if he will make a statement on the matter. [21219/14]

View answer

Written answers (Question to Finance)

The Financial Institutions Levy was announced in  Budget 2014, and the legislation governing the levy is contained in Section 126AA of the Stamp Duties Consolidation Act 1999 (inserted by Section 72 of Finance (No 2) Act 2013.

The levy is based on an institution s DIRT liability in 2011,  and will be in place for three years with an anticipated annual yield of €150 million.

As the first payments under the levy are not due until 20th October 2014, the yield to date is NIL.

Question No. 203 answered with Question No. 184.