Financial Resolution No. 16 amends section 256(1) of the Taxes Consolidation Act 1997 to give statutory effect to the new rates of DIRT applicable to deposits held in banks and other financial institutions. The changes in rates are as follows. The general 25% rate which applies to deposit interest, including deposit interest arising on special savings and special terms accounts, will be increased by two percentage points to 27%. In addition, the 28% rate is also being increased by two percentage points to 30%, and this rate applies to interest not payable annually or at more frequent intervals, or where the interest cannot be calculated until maturity of the investment. This includes investments such as tracker bonds, where the amount of interest payable depends on the changes in the financial or other index over a number of years. The resolution also amends section 267B of the Taxes Consolidation Act.

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