EU Deposit Interest - Revenue Reporting

I would prefer to deal with a rude person who knows about their work rather than someone who is polite but lacks knowledge in their field. After all, these people are paid using our money and yet they don't even know the basics of Irish tax laws. To be honest, ChatGPT could probably perform better in this regard.
This from gov.ie and it is very clear
 
After 38 days, myenquiries, phone calls they finally changed it from foreign income and charged 33%.
They have not explained why they mishandled it (I asked more than once, this was ignored).
I still have a different issue which they mishandled and has not been addressed - this is for simple PAYE tax, hardly a complex task for them.
It took multiple communications to them.
The service level is shocking, and I base this on multiple interactions in the last 6 months where I was more than patient.
 
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I decided 2 weeks ago to do my 2023 tax return and see what happens with EU Deposit Interest.

I still can't even start. The "amend" link and the 2023 return is gone from My Account. 2021 and 2022 is still there.

2 phone calls to Revenue and they cannot explain why. They suspect that it is an IT issue and are investigating with IT.

I logged a ticket via My Enquiries and it was closed as "resolved" even though it was not resolved. I have reopened with more screenprints.

And this is all before a likely battle with EU Deposit Interest.

Another bad experience to add to the comments/experiences posted in this thread about Revenue. Awful service.
 
After several calls and back and forth in myenquiries, do you think they have finally fix it? Well not quite.
Now the interest show as interest, so far so good and is taxed at 33%, great BUT that same amount is shown in Panel 4 Tax credits. That's correct, revenue has moved from charging me 52% of my declared interest to refund me 33% of interest declared as a tax credit so I'm actually getting money back instead of paying, what an utterly mess they are. Should I engage again with them or should I get the money and don't look back? Can revenue go after me in the comming years for a tax return they have incorrectly made years ago demanding interests and/or a fee on top? I'm kind of sick of this situation and having to chase revenue around and going through all kind of hoops and loops just to pay my fecking taxes is beyond me
 
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They have the mother of all clusterfucks on their systems at the moment. Not sure if they have outsourced to a third company or what it is but they told me at the phone they were overwhelmed by the amount of people complaining about this EU deposits situation. And yes, they tend to close your inquire as complete, just reply on it and it should open again and call and pester them as much as you can. I called them multiple times at the phone showing on https://www.revenue.ie/en/contact-us/customer-service-contact/paye-jobs-and-pensions-helpline.aspx after introducing your pps number, unfortunately have been proved to be the only way to make your inquire progress
 
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If I were you I'd stick it on deposit with the likes of Raisin ... Let the perpetual money machine role on!
 
That number rarely provides anything other than an automated response indicated that the call volume is too high, and that you can use MyEnquiries ( which I have experience taking over 2 months for response). I'm unsure how true this is, but in a phone call where o managed to get through for the first time in 2024 last week, the agent informed me that once your query has been responded to, it is back of the queue if you reply!
 
True, most of the times they just hang up, I found calling around lunch time is usually the best time. Also there is a point where you have to say your PPS and the moment you pronounce the first letter it's says "that's not a valid tax number" so the trick is to remain silent so they pass you to the manual attended queue. Much to my regret, I've become an expert on circumvent all this bollocks after all these months, my advice is just call them ,is the only reliable way I found to make them move their arses.
 
Could someone please clarify what I need to do to pay whatever tax I owe to Revenue for 2023 because I received Cashback on my Wise account. This is a personal account and I received just a small amount.

I'm jointly assessed with my husband and he's PAYE. My only 'income' is this cashback.

I've sent several Enquiries to Revenue online (MyAccount access etc) and not only do they take months to reply, they still haven't told me how to declare this. Being PAYE, we don't have much dealings with Revenue and I don't know how/where to enter this interest from Wise on the PAYE standard tax return.

I would appreciate any help on how to declare this interest (cashback) from Wise.
Djimi Traore said:
Thanks. Strange that the Mazars link specifically mentions Revolut/N26 which are EU. But I'll go by the Revenue definiton!
Click to expand...
 

Hi @ACER10, Well done on going to the revenue Chairman's office with this. Have you made any progress ?
 
I made a "my enquiry" as many others did after interest in European bank accounts was mislabeled and in the amended statement of liability the interest has now been classified as "UK other income". I don't have any UK accounts which is confusing me a bit. Has anyone else got this?
 

Revenue have applied an incorrect classification again. Send another enquiry via My Enquiry and ring them and hopefully Revenue will get right on their third go.
 
Have been corresponding with Revenue since January on declaring my EU interest from 2023. Just got this vague email for the third time even though I have provided statements twice before. Very frustrating. Anyone having a similar experience and know how to resolve?

Dear ,

To enable me to process your return please submit the following:

Supporting documentation relating to the EU Deposit Interest you are declaring for 2023.

Regards,
 
@dcoughlan

User @ACER10 mentioned in Post #94 in this thread that they were asked to produce a statement "from the relevant authority" (translated to English, if necessary) that confirms the total foreign income received and the total foreign tax paid in 2023.
 
I was planning to submit my tax return for 2023 as late as possible (deadline in October I believe) as I was perhaps naively assuming that this issue would have been resolved for everyone by then. Perhaps I will just go ahead and submit now and accept that I will have to expect this to be an issue.
 
I was holding off on submitting mine too for the same reason. It seems as though they aren't correcting the issues in the system.
 
@Bradipo I have no confidence, and fall to pieces pretty quickly when it comes to rude confident people, so I'd be in tears in 20 secs on the phone and return to a feeling of 'stupidity' on maths skills and comprehension like a 14 year back in school. GIve me incompetent kindness all day long.. but seriously, thank you for the screenshot above. I am on to 'my enquiries' again, and will send screenshot on and report below again.
 
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For all those delaying, it's probably worth pointing out that not all submissions have been messed up by Revenue.

It may indeed be dumb luck but I took the 'gamble' and submitted mine at the begining of March. With no follow up by me it all went smoothly.
 
OK -
.. so I can be long winded, so will try to make points.
... got charged 52% in late January
.. in February rang Revenue. The nicest person listened to me. She hadn't heard of any of these deposit type accounts (Trade republic, N26 etc). She understood what I was explaining i.e., the problem coming down the track for revenue if not sorted fast before end 2024. Her explanation was that it sounded like - "what they call an 'ingredient' was missing on the PAYE side of My Enquiries". I had explained that those using the other route (Form 12?) were able to sort the issue and get the correct tax treatment. She said she would follow up. And suggested that I enter another *My enquiry** explaining 1 more time how I explained it to her as it sounded very reasonable.

...I did so .. using a email format someone here shared and links to the EU legislation (shared here also) ...and I got a snappy reply that basically said... *you are still wrong* *It is income*, *it is foreign* and *you will be remain charged as such*.

)This person gave me 30 minutes on the phone. She also advised me that I could open an 'archive on my pay with Revenue since 1997'. I am having issues proving that I worked in different schools from 1997 to 2000 etc (Teachers need to keep "all paper salary slips" to prove they worked in schools for pension etc.. Unfortunately, I eventually shredded my 1997 to 2005 salary slips, before leaving the country to work with VSO..
...so a few of the early schools in my career are bulldozed .. and although I am fixing the issue step by step, getting a figure of what my pension is worth, or what my eligibility is... Is proving difficult. This Revenue person's quick thinking, suggested that I allow her to open an archive file request.. where someone literally goes to paper files and figures out what I paid from 1997 to 2005. Doing this meant I was able to find proof for the Department of Education that I had a Salary and PAYE trial... I still have no pension trial.. so I may have to buy that back as reckonable service.) My point is that the Phonecall was worth it in the greater scheme of misinformation.

Back to Tax treatment for DIRT with REVENUE:

... with no fix, I followed advice here and wrote to chairmansOffice@revenue.ie on May 9th 2024.

...I received a response on May 10th, that the "The matter is receiving attention and we will write to you again shortly."

... that day, I received a lot of calls from Private Number, that I assumed were Spam. I didn't answer, but it was Revenue.
.. Eventually I listened to a voice note and answered the next time.

... Very nice person - was not arrogant or snappy (which is important to me, so I do not crumble). I was trying to quote from what I learnt here, but was not 100% confident. We did go round and round and round.

By the end of the call (about 1 hour), I was starting to believe the examples from the revenue person who has the role of "Service to Support Compliance".

- She gave examples of how stocks, EFTs, etc might be treated and that it might not be as straightforward as what "I had read on the forum".. but she was NOT been disrespectful and kept and open mind. She didn't know about these EU deposit accounts (Raisin etc), and would look at any links I could send.


- maybe good idea to mark all my enquiries to FAO of *Service to Support Compliance*.


... now I had sent screenshots to "my enquiry* previously of the interest arriving into my account for 2023 - it was easy as only €299 and only for the timeframe Oct to November. These were left unresolved.

... This Service to Support Complaince person on the phone set up a MY ENQUIRY for me direct to her:
"Thank you for taking my call today. As discussed, please reply to this enquiry and attach a copy of the interest received in 2023 for review.


... in fairness, I had not realised that in Trade Republic an Lightyear you could DOWNLOAD a STATEMENT.

I "renamed" the Downloads and used (2023) BRACKETS ... Do not USE BRACKETS as it will not upload.

Then couldn't upload and did not read the BRIGHT RED info telling me how to fix the issue.

After a few unsuccessful attempt to upload documents, I asked for advice and the Support person suggested :

"You may need to try uploading as individual enquiries, or if you have a clear picture of the documents instead this can be uploaded instead of the original files."

... So just now I have sent this SERVICE TO SUPPORT COMPLIANCE PERSON - 6 *my enquiries* ( labelled 1 of 6, 2 of 6 etc).
... I have summarised all the key nuggets on this forum thread... and attached the 2 screenshot that @Bradipo and a few earlier ones... as well as these links...

https://www.ccpc.ie/consumers/money/saving/

https://consult.finance.gov.ie/en/c...arkets/chapter/5-taxation-investment-products

https://www.citizensinformation.ie/...ocial-insurance-prsi/social-insurance/#498bd1

https://www.revenue.ie/en/additional-incomes/dirt/who-is-charged-dirt.aspx

https://european-union.europa.eu/priorities-and-actions/actions-topic/taxation_en#:~:text=The EU does not have,the collected taxes are spent.

https://consult.finance.gov.ie/en/c...arkets/chapter/5-taxation-investment-products

Everyone on this forum has been so helpful. Thank you to all the Admins etc... this is an incredible space.
I hope that reusing links and generous advice and info from many of you, will help to get a resolution for everyone in the end.
 
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Deleted yesterday's message, as received a response today (by chance while on the phone to Revenue). Thank you for all your support.
 

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