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BUDGET 2012: DIRT INCREASES?

The Government is likely to hit savers with a higher Dirt tax in this week’s Budget, costing investors about €1 for every €1,000 they have on deposit, The Sunday Business Post reports.

Given its stated intention not to hike income tax rates, increasing Dirt is one of the main options available to it in achieving its goal of raising €1 billion in additional taxes. The rate increased from 25% to 27% in last year’s Budget and Fine Gael’s pre-election manifesto said it should be increased to 30% to “encourage higher levels of household consumption”.

The additional 2% applied last year was expected to yield about €30m in 2011. For savers, interest of 3% would produce a return of €30 a year on a €1,000 deposit – a net gain of €21.90 after the deduction of 27% Dirt. If this was increased to 30%, the net gain would fall to €21.

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