Written answers
Tuesday, 29 November 2011
Department of Finance
Tax Code
9:00 pm
Robert Dowds (Dublin Mid West, Labour)
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Question 133: To ask the Minister for Finance if he will look into restricting the dual income standard rate increase in terms of income tax to couples who are on low to moderate incomes; and if he will make a statement on the matter. [37577/11]
Michael Noonan (Limerick City, Fine Gael)
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It is a long-standing practice of the Minister for Finance not to comment in advance of the Budget on any tax matters that might be the subject of Budget decisions.
Pearse Doherty (Donegal South West, Sinn Fein)
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Question 134: To ask the Minister for Finance the potential return to the Exchequer of levying DIRT on An Post certificates and bonds. [37585/11]
Michael Noonan (Limerick City, Fine Gael)
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Savings Certificates and Savings Bonds are tax free to Irish residents. Interest is applied on these products at maturity, which is after 5.5 years for Savings Certificates and after 3 years for Savings Bonds, or on encashment, which could be at any stage during the life of the product. Bringing the products within the Deposit Interest Retention Tax regime would lead to an estimated yield of €45m, based on the estimated interest payout on Savings Certificates and Bonds in 2011. The yield has been estimated on the basis of applying the higher DIRT rate of 30% – which applies to interest paid less frequently than annually, as is the case with Savings Certificates and Savings Bonds – rather than the standard DIRT rate of 27%, which applies to interest paid annually or more frequently than annually.
Eoghan Murphy (Dublin South East, Fine Gael)
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Question 135: To ask the Minister for Finance if any proposed tax increases in budget 2012 will come into effect on the night of budget 2012 or at a later date to be determined. [37588/11]
Michael Noonan (Limerick City, Fine Gael)
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As Deputies are aware it would not be appropriate for me to comment in advance of the Budget on possible Budget decisions.
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