Ireland – new interest reporting

Banks, buildings societies, and similar, in Ireland are now be obliged to report the interest paid on deposits and other investments. The threshold for notification to the Irish Revenue Commissioners will be €635 interest, or higher.

The provisions are retroactive, with banks etc., being called upon to report interest paid by them in 2005 and 2006, where that interest has been subject to DIRT (deposit interest retention tax; the Irish equivalent to UK deduction at source).

For 2007, and subsequent years, all interest over the prescribed threshold will be reportable and regardless of whether paid net or gross.

The Revenue Commissioners have, in tandem, offered a favourable deal to those taxpayers who come forward and voluntarily notify their liability on previously undisclosed bank interest etc. The deadline for notification of a voluntary declaration is 15 September.