Publication
Financial Institutions (Banking) Levy Information Note
Published on
Last updated on
Published on
Last updated on
As the Minister for Finance signalled in his October 2015 Budget speech, the current Financial Institutions Levy which was originally introduced for the 3 year period from 2014 to 2016 and allows for a contribution from the banking sector to the economic recovery was extended to 2021.
The rate for the levy is at present 59% calculated on the basis of DIRT payments made in 2015, which brings in €150 million per annum.
In order to ensure that the €150 million yield is met, the Minister now intends to bring forward a Financial Resolution on Budget night 2019 adjusting the levy so that it is calculated at 170% of DIRT payments made in 2017. This amendment is subject to the enactment of the Finance Bill 2019.
The intention to change the rate is clearly set out in the provisions introduced in Finance Bill 2016 and given the levy is applied on the base of 2017 DIRT payments, there is no avoidance risk in 2019.
Contact:
Aidan Murphy, Press Officer, Department of Finance – 085 886 6667