According to one well known financial institution (the Nationwide Building Society), the Irish Finance Minister has decided to raise the Deposit Interest Retention Tax (DIRT) and it represents a very bad news for Irish savers. The extent of individuals who save regularly declined from the 39 percent recorded in September, to 34 percent. The extent of those not saving at all rose from 35 percent to 41 percent. 65 percent of those addressed said that they are currently saving less than they actually wanted to.
A higher single unified DIRT rate of 41 percent is applicable to payments, including deemed payments, made on or after January 1, 2014. Currently, a 33 percent rate is levied on payments made at least annually, while payments made less frequently are taxed at 36 percent.
