DIRT deducted at the standard rate of tax by Irish financial institutions satisfies the individual’s full liability to income tax on the interest income but this income must be disclosed in the individual’s return. The health levy of 2%/2.5% is also payable on interest income. The Income Levy does not apply to EU sourced deposit interest
There is an interesting thread on Politics.ie on Irelands Corporation Tax rates and the impact on Multi National Companies operating in Ireland. The original source for the discussion came from an article by Arthur Beesley in the Irish Times which has also generated its fair share of comments.
P30 monthly return and payment for July 2010
RCT30 monthly return and payment for July 2010
Corporation tax preliminary payment for accounting periods ending between 1 – 31 September 2010
Corporation tax returns for accounting periods ending between 1 – 30 November 2009
Corporation tax balancing payment due for accounting payments ending between 1 – 30 November 2009
Revenue has warned taxpayers of a fraudulent email headed ‘Revenue Irish Tax & Customs’ purporting to come from Revenue.
Tax relief on interest on borrowings to invest in a company is given at the marginal rate of tax where the borrower is an employee/Director who has a material interest in the company i.e. greater than 5%.
An individual should therefore minimize borrowings for investments where little or no interest relief is available e.g. an investment in quoted shares.