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 Header Item Financial Resolution No. 7: Income Tax (Continued)
 Header Item Financial Resolution No. 8: General

Tuesday, 15 October 2013

Dáil Éireann Debate
Vol. 817 No. 1

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(Speaker Continuing)

[Deputy Michael McGrath: Information on Michael McGrath Zoom on Michael McGrath] The whole debate about DIRT at 41% is a debate for the Finance Bill. Is my interpretation correct that Financial Resolution No. 7 concerns specific accounts from which the Government is removing an exemption?

Deputy Richard Bruton: Information on Richard Bruton Zoom on Richard Bruton Technically, we are only debating the narrow point, as Deputy Michael McGrath stated, of closing off the possibility of opening such accounts and the thresholds of €480 and €635. Some Deputies asked whether the tax that will apply under the finance and social welfare Bills will be additive. The position is that a PAYE worker with only DIRT income, in addition to his or her PAYE income, would not be a chargeable person and would not be subject to PRSI on that interest. As Deputy Michael McGrath rightly said, the PRSI element will be the subject of debate in the Social Welfare and Pensions Bill while the 41% rate for DIRT will be discussed in the Finance Bill.

In respect of Deputy Mathews’s concerns, there are several products that are not subject to DIRT. These include savings certificates, savings bonds, instalment savings, final payment on the national solidarity bond and prize bond winnings.

Deputy Peter Mathews: Information on Peter Mathews Zoom on Peter Mathews And life assurance policies.

Deputy Richard Bruton: Information on Richard Bruton Zoom on Richard Bruton The change we are making with this Financial Resolution is that these products cannot be opened with a deductible end from now on. It is an anti-avoidance measure.

  Question, "That Financial Resolution No. 7 be agreed to", put and declared carried.

Minister for Jobs, Enterprise and Innovation (Deputy Richard Bruton): Information on Richard Bruton Zoom on Richard Bruton I move:

Financial Resolution No. 8: General

THAT it is expedient to amend the law relating to inland revenue (including value-added tax and excise) and to make further provision in connection with finance.

Debate adjourned.

  Written Answers follow Adjournment.

  The Dáil adjourned at 10.55 p.m. until 10.30 a.m. on Wednesday, 16 October 2013.

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