The website also published the daily transcripts of the proceedings. The Hearings therefore represent an historic moment in our parliamentary development. Since the conclusion of the Public Hearings the Sub-Committee has met regularly to consider and prepare this Report. A small working group comprising advisors, assistants and members of the secretariat also worked to the Sub-Committee. Deposit interest is a form of income and is therefore liable to assessment to income tax.
DIRT is in fact a collection tax.
In this regard it is broadly similar to PAYE and VAT, in that it is calculated and collected at source by the deposit-taker according to rules laid down in law, with any final settlement to be determined subsequent to collection. From a tax administration viewpoint, DIRT is a self-assessment tax. In fulfilling its obligations as a collector on behalf of Revenue, every bank or building society must also complete a retention tax return for each tax year. This DIRT return must be filed with the Collector-General within a specified time period. The return must show the amount of interest paid and the retention tax on that interest.