Deposit Interest Retention Tax (DIRT) – Commencement Orders and New Pay & File Arrangements

March 11, 2011
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Deposit Interest Retention Tax (DIRT) – Commencement Orders and New Pay & File Arrangements

On 8 March the Minister of Finance signed a Commencement Order bringing into operation the provisions of Section 37(1)(f), (g) and (h), Finance Act 2010 which relates to the return and collection of Deposit Interest Retention Tax deducted by relevant deposit takers.

The effect of the Order is that Deposit Interest Retention Tax deducted by deposit takers must, with effect from the 1st January 2011, now be paid quarterly by deposit takers to the Revenue Commissioners.

Previous arrangements provided for twice yearly payments.

The new filing and payment dates are as follows:

  • by April 21st for the months January to March,
  • by July 21st for the months April to June,
  • by October 21st for the months July to September, and
  • Annual Return by 15 January for the months January to December.

The due dates mentioned above are extended to the 23rd of the month where returns and payments are made through ROS.

The Minister also signed a Commencement Order bringing into operation the provisions of Section 37(1)(i), Finance Act 2010 which relates to the issue, by relevant deposit takers, of statements showing details of Deposit Interest Retention Tax deducted. The effect of the Order is that, with effect from the 1st January 2011, relevant deposit takers must now automatically issue a statement to the person entitled to the relevant interest giving the following information:

  • the amount of the interest payment,
  • the amount of Deposit Interest Retention Tax deducted,
  • the net amount of the interest payment,
  • the date of the interest payment.

Previously, the relevant deposit taker was obliged to provide such information only on foot of a request from the person entitled to the relevant interest.

Queries in relation to the new payment arrangements as set out above should be addressed to:

Collector-General’s Division,
Sarsfield House, Francis Street, Limerick.
Lo-Call: 1890 20 30 70 /
00 353 61 488000 or e-mail: cgcustserv@revenue

Queries in relation to the issuing of statements to a person should be addressed to:

Corporate Business and International Division,
Financial Services 1
New Stamping Building,
Dublin Castle,
Dublin 2.
Phone: 00353 1 6748018
e-mail: davebren@revenue.ie

Revenue Changes