Pearse Doherty
Question:74. Deputy Pearse Doherty asked the Minister for Finance the amount paid by each eligible bank under the bank levy to date; and if he will make a statement on the matter. [39842/15]
View answerThursday, 12 November 2015
Questions (74)
Written answers
Section 126AA of the Stamp Duties Consolidation Act 1999 applies to holders of banking licences and building societies in 2011 that were obliged to collect and pay over more than €100,000 in Deposit Interest Retention Tax (DIRT) in that year. The section provides for a bank levy, in the form of a stamp duty, equal to 35% of the amount of DIRT (known as the "assessable amount") paid in 2011. The bank levy applies for a three year period covering the years 2014 to 2016.
The due dates for the submission of a statement showing the assessable amounts and for the payment of the bank levy on the assessable amounts are as follows:
2014: 20th October 2014
2015: 20th October 2015
2016: 20th October 2016
The total amount of the bank levy paid in respect of 2014 and 2015 is €308,789,486.
For reasons of taxpayer confidentiality, I am unable to provide details of payments made by individual financial institutions.
I announced in my Budget 2016 statement that I propose to extend the bank levy to 2021, subject to a review taking place of the methodology used to calculate the levy. This measure will bring in an additional €750 million over the period; a very significant additional contribution to the Exchequer.