asked the Minister for Finance if he will state how many of the joint stock banks operating within the Republic of Ireland are paying income-tax in this country.
Ceisteanna—Questions. Oral Answers. - Joint Stock Banks.
Five of the nine joint stock banks operating in this country are chargeable to income-tax here. The remaining four, being managed and controlled in Great Britain or in the Six Counties, are granted exemption from Irish income-tax under the terms of the agreement between the Government and the British Government in respect of double income-tax. I would remind the Deputy that this agreement is on a reciprocal basis and that the banks with headquarters here who do business in the Six Counties or in Great Britain get a corresponding exemption from income-tax there. The four banks which are exempt from Irish income-tax are, however, liable to Irish corporation profits tax on profits arising in this country.