Skip to main content
Normal View

Tax Data

Dáil Éireann Debate, Tuesday - 17 June 2014

Tuesday, 17 June 2014

Questions (154)

Bernard Durkan

Question:

154. Deputy Bernard J. Durkan asked the Minister for Finance to detail the total amount of savings in respect of which DIRT was paid in each of the past six years to date in 2014; and if he will make a statement on the matter. [25429/14]

View answer

Written answers

I am advised by the Revenue Commissioners that Deposit Interest Retention Tax (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 information to be compiled for deposit 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. I am 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.

The Deputy may wish to know that DIRT receipts for the last six years and in 2014 (end May) are as shown in the following table.

Year

DIRT Receipts (€m)

2008

654

2009

614

2010

446

2011

473

2012

581

2013

499

2014*

270

* At end May 2014

Top
Share