Deposit Interest Retention Tax (DIRT) is a form of tax on interest earned on bank accounts in Republic of Ireland that was first introduced in the 1980s. It controversial because it discourages saving, but taxpayers can withhold it in protest because it is taken at source. A tax is an involuntary fee paid by individuals or businesses to a state, or to functional equivalents of a state, including tribes, secessionist movements or revolutionary movements. ... In finance, interest has three general definitions. ... // Events and trends The 1980s marked an abrupt shift towards more conservative lifestyles after the momentous cultural revolutions which took place in the 1960s and 1970s and the definition of the AIDS virus in 1981. ... ...
In the late 1990s a parliamentary inquiry under Jim Mitchell, TD, established the existence of a culture of tax evasion within Irish banks, which had allowed wealthy customers to set up off-shore (ie, international) bank accounts into which money was transferred, enabling the account holder to avoid paying DIRT. (Such accounts in theory should only have been set up by residents living abroad.) Thousands of tax-evaders were prosecuted as were leading banks, producing hundreds of millions of Irish pounds of the Irish Exchequer through financial settlements and fines. Several famous Irish people have been found evading the tax including minister for justice Padraig Flynn. Events and trends The 1990s are generally classified as having moved slightly away from the more conservative 1980s, but keeping the same mind-set. ... This article is about the Irish politician. ... A TD or Teachta Dála (Irish for Dáil Deputy, pronounced chock-ta dawla) is a member of Dáil Éireann, the lower chamber of the Irish Oireachtas (pronounced orr-och-tas) or National Parliament. ... This article contrasts tax evasion, tax avoidance, tax resistance and tax mitigation. ... The Irish Minister for Finance is the second most important ministerial position in the Irish Cabinet after that of the Taoiseach. ... Pádraig Flynn (born May 9, 1939) was a senior Irish politician. ...
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This represented over 60% of the total tax take of â¬33.4bn in 2004 (a future â¬800m of government revenue was generated from non-tax sources such as interest on loans, coin issues, and the central bank surplus).
Many multinationals are engaged in tax optimisation utilising Ireland's favourable tax rate by reporting the bulk of their profits in Ireland or using transfer pricing to artificially lower profits in high tax countries and report the profits in Ireland [1].
DIRTtax is deducted at source by the banks and savings-institutes, on behalf of the government, at a rate of 20% on all interest earned.
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