Inform revenue about interest gained?

[smarthinking]

I just heard that you are supposed to inform the revenue about interest earned, even on irish bank saving accounts, if that interest is above 600 Euro. Is this true?

 

[tosullivan]

I've seen those fields too and thought it strange as I've already paid DIRT on them

 

[woods]

It is still income and there may be additional PRSI levies on it.

 

[Graham_07]

I've seen those fields too and thought it strange as I've already paid DIRT on them

The DIRT does satisfy all tax due but as the previous poster has said, there may be PRSI levies due depending on circumstances.

 

[ixtlan]

The DIRT does satisfy all tax due but as the previous poster has said, there may be PRSI levies due depending on circumstances.

Is that a semantic distinction? It's true, but people often speak generally of tax meaning tax+prsi. So people may owe "tax" on top of the DIRT payment. However I'm not sure of the thresholds and circumstances.

Revenue are on record as saying that this trawl of deposit accounts with interest over a certain limit is designed to uncover monies which may have avoided tax when being earned. They have said that they do not intend to pursue people who have not paid the minimal extra levies.

Having said that, if I was the Revenue in these difficult times, I would be seeking some easy way to claim that minimal money back where it applied. After all it's somewhat unfair if some people end up paying a bit more and others do not.

Ix

 

[Graham_07]

Is that a semantic distinction? It's true, but people often speak generally of tax meaning tax+prsi. So people may owe "tax" on top of the DIRT payment. However I'm not sure of the thresholds and circumstances.

Tax is tax and is payable to Revenue. PRSI is a Social Welfare payment, collected by Revenue as agent for the DSFA. It is not tax.