Patrick O'Donovan (Limerick, Fine Gael)
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77. To ask the Minister for Finance the total amount raised in deposit interest retention tax in each of the years 2011 to 2014; the implications of attaching the universal social charge to deposit interest, including the amounts raised in the same years; and if he will make a statement on the matter. [12508/15]

Michael McGrath (Cork South Central, Fianna Fail)
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93. To ask the Minister for Finance the cost of exempting the first €100, €200 and €500 of interest from deposit interest retention tax; and if he will make a statement on the matter. [12643/15]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 77 and 93 together.

The following table sets out the net yield from Deposit Interest Retention Tax (DIRT) collected from 2011 to 2014.

I am informed by the Revenue Commissioners that DIRT on interest bearing deposits is declared and paid on a four-times yearly basis by financial institutions. The total value of DIRT due and paid is reported to Revenue at institutional level. Detailed figures are not required in these returns to identify the numbers of accounts on which DIRT was paid, the amount of interest earned or DIRT payment per account or the tax forgone resulting from DIRT exemptions.

Separately, under regulations, as provided for in Section 891B of the Taxes Consolidation Act 1997, certain financial institutions, such as banks and credit unions, are required to make automatic annual returns at account level electronically to Revenue. The primary purpose of this Section is to provide information for use in risk analysis by Revenue and therefore the requirement to report interest focuses on account holders in receipt of larger payments.

The information under S891B is provided only where the total payment of interest is greater than €635 in a year, regardless of deduction of DIRT, and in all instances of a first interest payment irrespective of threshold for accounts opened on or after 1 January 2008. The Deputy may also wish to note that under statutory instrument (S.I. No. 56 of 2015), signed on February 15^th2015, the annual reporting threshold was reduced from €635 to €300 and applies to returns in respect of the year 2014.

Therefore, I am advised by the Revenue Commissioners that the data are not available on Revenue records to provide a basis for compiling estimates of the cost of attaching Universal Social Charge to deposit interest or exempting the first €100, €200 and €500 of interest from DIRT.