Dáil Éireann Debate, Thursday - 16 July 2015
165. Deputy Michael McGrath asked the Minister for Finance the number of interest paying accounts on which deposit interest retention tax was paid in each year from 2011 to 2014; and if he will make a statement on the matter. [29786/15]
View answer166. Deputy Michael McGrath asked the Minister for Finance the average payment of deposit interest retention tax per eligible account in which such a tax liability arose, in each year from 2011 to 2014; and if he will make a statement on the matter. [29787/15]
View answer168. Deputy Michael McGrath asked the Minister for Finance the tax forgone as a result of the Deposit Interest Retention Tax Exemption Scheme in the years 2012 to 2014; and if he will make a statement on the matter. [29789/15]
View answer169. Deputy Michael McGrath asked the Minister for Finance the number of deposit savings accounts which in 2014 yielded up to €10,000; and from €10,001 to €25,000; €25,001 to €50,000; €50,001 to €100,000; €100,001 to €200,000; €200,001 to €300,000; €300,001 to €400,000; €400,001 to €500,000; €500,001 to €600,000; €600,001 to €700,000; €700,001 to €800,000; €800,001 to €900,000; €900,001 to €1,000,000; and €1 million plus, in deposit interest retention tax; and if he will make a statement on the matter. [29790/15]
View answerI propose to take Questions Nos. 165, 166, 168 and 169 together.
I am informed by Revenue that the amount of Deposit Interest Retention Tax (DIRT) collected in 2011 to 2014 is available in the "Net Receipts" section of the Revenue's Statistics webpage: http://www.revenue.ie/en/about/statistics/index.html.
I am further informed by Revenue that DIRT on interest bearing deposits is declared and paid 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 required in these returns to identify the numbers of accounts on which DIRT was paid, the average DIRT payment per account or the tax forgone resulting from DIRT exemptions.
However, the Deputy may be interested to note that, 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 S891B is provided where the payment of interest is greater than €635 in a year and in all instances of a first interest payment on newly opened accounts irrespective of amount. These returns include DIRT exempt accounts.
Returns for 2011, 2012, 2013, & 2014 were due by the end of March 2012, 2013, 2014 and 2015 respectively. It is 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. It should also be noted that the reporting threshold was reduced from €635 to €300 from 2014 onwards. To assist financial institutions with the change, the filing deadline for 2014 returns was extended to 30th June 2015. As a result, 2014 figures should be considered as preliminary.
The number of interest bearing deposit accounts reported under the S891B regulations for 2011, 2012, 2013 & 2014 is 1.43 million, 1.22 million, 1.21 million and 1.31 million respectively. The total value of interest paid to these accounts for 2011, 2012, 2013 & 2014 is €2.42 billion, €2.10 billion, €1.97 billion and €1.38 billion respectively. Financial institutions reported that DIRT was not deducted on around 190,100, 197,000, 201,300 and 162,600 of these accounts for 2011, 2012, 2013 & 2014 respectively but data on the amount of DIRT forgone in respect of such accounts are not available. These figures are provisional and may be subject to revision.
I am advised that a breakdown of the interest payments by range is not readily available.
