asked the Minister for Finance if there has been any change in the practice of the Revenue Commissioners concerning the seeking of returns for income tax purposes from credit unions since March, 1973; and, if so, the nature of such change and the reasons therefor.
Written Answers. - Credit Unions.
105.
Subsection (2) (h) of section 221 of the Income Tax Act, 1967, requires credit unions, as societies registered under the Industrial and Provident Societies Acts, to make to the inspector of taxes annual returns of the names and addresses of persons to whom they pay share interest or loan interest amounting to £70 or more and the amounts of such interest paid to those persons.
Credit unions have not so far been requested to lodge returns of interest paid but discussions have recently taken place between the Revenue Commissioners and the Irish League of Credit Unions with a view to compliance with this statutory requirement.