The Minister of Finance last month signed a Commencement Order bringing into operation the provisions of Section 37(1)(f), (g) and (h), Finance Act 2010 which relates to the return and collection of Deposit Interest Retention Tax (DIRT) deducted by relevant deposit takers. With effect from 1 January 2011, DIRT deducted by deposit takers must now be paid quarterly to Revenue. Previous arrangements provided for payments to be made twice a year.

As amended by section 37(1)(f) of Finance Act 2010, section 258(4) of the Taxes Consolidation Act 1997 (TCA 1997) provides that the new filing and payment dates are as follows:

• by 21 April for the months January to March,
• by 21 July for the months April to June,
• by 21 October for the months July to September, and
• Annual Return by 15 January for the months January to December.

Where returns and payments are made through ROS the due dates mentioned above are extended to the 23rd of the month.

A Commencement Order which gives effect to the provisions of section 262 TCA 1997 as amended by section 37(1)(i) Finance Act 2010, was also signed by the Minister. The Order provides that with effect from 1 January 2011, relevant deposit takers must now automatically issue a statement to the person entitled to the relevant interest giving the following information:

• the amount of the interest payment,
• the amount of Deposit Interest Retention Tax deducted,
• the net amount of the interest payment,
• the date of the interest payment.

Previously, the relevant deposit taker was obliged to provide such information only on foot of a request from the person entitled to the relevant interest.