Dáil Éireann Debate, Thursday - 18 July 2013
158. Deputy Michael McGrath asked the Minister for Finance the revenue that would be raised from increasing the rate of deposit interest retention tax to 35%; and if he will make a statement on the matter. [36643/13]
Amharc ar fhreagraI am advised by the Revenue Commissioners that the estimated additional yield to the Exchequer from increasing the Deposit Interest Retention Tax (DIRT) rate from 33% by 2% to 35% would be of the order of €35 million in a full year. This projection assumes no significant behavioural change by depositors or a change in interest rates applied by financial institutions to savings.
It should be noted that the figure given for the yield from a 2% increase in the DIRT rate is a downward revision of a figure provided in reply to a previous related question, No. 68 on 25 April last (ref PQ 19659/13). The revision is necessitated by a revision to the basic data becoming available in the interim.
