Written answers
Tuesday, 25 June 2013
Department of Finance
Tax Yield
Pearse Doherty (Donegal South West, Sinn Fein)
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225. To ask the Minister for Finance the revenue that could be raised for the Exchequer if DIRT was raised by the following; 2%, 3%, 4%, 5%. [30648/13]
Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that the estimated yield to the Exchequer from increasing the Deposit Interest Retention Tax (DIRT) rate from 33% by 2%, 3%, 4% and 5% would be of the order of €35 million, €52 million, €69 million and €87 million respectively 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.
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 was necessitated by a revision to the basic data becoming available in the interim.
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