asked the Minister for Finance the category of tax under which money collected from the building societies under the composite rate system was placed i.e. corporation tax, income tax etc; if it has been placed under income tax, how it has been apportioned between the PAYE and self employed; and if he will make a statement on the matter.
Written Answers. - Building Societies Taxation.
111.
The amounts representing income tax collected under the composite rate arrangement provided for in section 31 of the Corporation Tax Act, 1976, from building societies is recorded as part of the net receipt of income tax. Since the amounts of such tax received from the societies relate to interest paid or credited by them to all depositors (individuals, companies, charities, trustees and other persons) and since the societies are not obliged under existing law to furnish to the Revenue Commissioners any information relating to such interest, basic data are not available which would enable the amounts of tax referable to interest paid or credited to particular classes of taxpayers to be ascertained.