Ireland Tax Agency Updates Guidance on DIRT Rates, Reporting Obligations for Individuals, Financial Institutions

The Irish Revenue Commissioners Oct. 1 updated guidance on the deposit interest retention tax (DIRT) that’s withheld by financial institutions from the deposit interest paid to accounts of Irish residents. The update includes: 1) the DIRT rate reduction to 33 percent from 35 percent, effective Jan. 1, 2020; 2) requirements for legal entities and pension plans to satisfy for depositors be exempt from DIRT; 3) reporting requirements for resident taxpayers or intermediaries that open foreign accounts; and 4) situations allowing exemption from reporting requirements by resident companies that open foreign bank accounts. [Ireland, Revenue Commissioners, 10/01/19]

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