DIRT Tax on Raisin accounts

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noraB3

Registered User
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Apologies if this is covered already but it's not clear to us on the Raisin site or from looking at the responses to some of the threads here.

If I create a Raisin deposit account and they have a withholding TAX of say 28%.
  1. Do I pay the difference between 28% and 33% (that is 5%) to the Revenue when the product matures?
  2. If the answer to 1) is yes, must they have a double tax agreement with Ireland ?
  3. Is there any benefit of paying the reduced withholding tax rate (for example 10%) to the foreign bank in question?
  4. What document do I need to provide the foreign bank?
 
noraB3 said:
Apologies if this is covered already but it's not clear to us on the Raisin site or from looking at the responses to some of the threads here.

If I create a Raisin deposit account and they have a withholding TAX of say 28%.
  1. Do I pay the difference between 28% and 33% (that is 5%) to the Revenue when the product matures?
  2. If the answer to 1) is yes, must they have a double tax agreement with Ireland ?
  3. Is there any benefit of paying the reduced withholding tax rate (for example 10%) to the foreign bank in question?
  4. What document do I need to provide the foreign bank?
Click to expand...
most banks on Raisin will accept a cert of residency. Upon receipt of this most will not collect the withholding fee, and as such it is left to you to declare the 33 percent to revenue. At least that is my take.
 
@noraB3
There is a lot of information in this thread on Raisin, and I'd suggest you sit back and read the full thread as you will pick up other useful information; https://www.askaboutmoney.com/threa...nything-to-report-issues-all-good-etc.232250/

If I create a Raisin deposit account and they have a withholding TAX of say 28%.
  1. Do I pay the difference between 28% and 33% (that is 5%) to the Revenue when the product matures? Yes, and you may have to pay an additional 4% PRSI, depending on your circumstances.

  2. If the answer to 1) is yes, must they have a double tax agreement with Ireland ? Correct. So far as I know, all of the outfits currently listed on raisin.ie are in countries with which Ireland has such agreements. You can check here

  3. Is there any benefit of paying the reduced withholding tax rate (for example 10%) to the foreign bank in question? This has been asked on a number of occasions and I have yet to see a definitive answer. The consensus of the answers I've seen is that it make no difference other than determining which country's tax authority gets the larger portion of payment. Which you may or may not care about.

  4. What document do I need to provide the foreign bank? The procedures are different, depending on the outfit in question and the country in which it is operation. If you drill down on the raisin.ie website, they give a reasonable amount of detail. For each product, first look at "Product Details" and then open "Product Information" And there is some further information available here and here
 
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