Paul McGrath
Ceist:108 Mr. McGrath asked the Minister for Finance his views on whether it is appropriate that money deposited some years ago for the north Westmeath group water scheme should be subject to DIRT.
Written Answers. - Westmeath Group Water Scheme.
Deposit interest retention tax applies generally to deposit interest paid to Irish residents, and I have no plans to change that position.
The tax does not, however, apply to interest on deposits of bodies entitled to charitable exemption from tax, and the group may wish to consider applying to charities section, Office of the Revenue Commissioners, Dublin Castle, Dublin 2, for charitable status. Such an application should include a copy of the group's articles of association and a statement of objectives. Alternatively, the group could consider investing some or all of their funds with a credit union, or in savings certificates or savings bonds: retention tax does not apply to interest paid by credit unions, or to interest (or bonus, where relevant) on the two national savings schemes mentioned.