Financial institutions will have to automatically send details of interest payments in excess of €635 in a year under new regulations announced today.
The Revenue Commissioners said it had, with the consent of Minister for Finance Brian Cowen, made regulations requiring certain financial institutions to make automatic returns of interest and other similar payments.
Banks, buildings societies, credit unions and the Post Office Savings Bank will be obliged to provide the information where accounts or investments pay more than €635 in a year.
“The reporting requirement is being phased in and in the first-phase payments made by banks, buildings societies and the Post Office Savings Bank from which DIRT was deducted for the years 2005 and 2006 must be reported to Revenue by September 15th 2008,” Revenue said in a statement.
The move follows a recommendation by the Revenue Powers Group. It also brings domestic interest reporting requirements into line with the requirements on foreign interest payments under the EU Saving Directive.