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Financial Resolution No. 7: Income Tax

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Financial Resolution No. 7: Income Tax

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Financial Resolution No. 7: Income Tax

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Snippet Contents:

PRSI is a matter for the Minister for Social Protection who will bring forward legislation shortly to deal with the situation for 2014. It is my understanding that PRSI will be charged on DIRT income that is subject to assessment by the Revenue Commissioners. The income will be included in the tax return of chargeable persons and subject to self assessment. Chargeable persons are individuals who are in receipt of income which has not been fully subject to tax under the PAYE system. The Revenue Commissioners allow individuals in receipt of PAYE income who also have insignificant non-PAYE income that has been notified to Revenue to have that income coded in the PAYE system and, as such, they are not chargeable persons and will not have a PRSI liability. PRSI is not payable by individuals over 66 years of age and, as such, pensioners are not liable to pay PRSI on deposit interest income. There is an income threshold for pensioners, those aged over 65, in the tax code. It is €36,000 for a couple and €18,000 for a single person. DIRT would not be collected from people whose income is below that level.
Certain State saving accounts are tax free and are not subject to DIRT. They are savings certificates, savings bonds, instalment savings, final payment on national solidarity bonds and prize bond winnings. The annual interest on national solidarity bonds and interest on normal post office saving bank accounts are subject to DIRT.