Part 8 TCA 1997 which deals with DIRT is amended to provide for a decrease of 2 percentage points each year over the next four years to bring the rate of DIRT from 41 per cent to 33 per cent over that period.

The Bill also amends section 267M which sets the tax treatment of deposit interest received from EU and non-EU financial institutions. Such deposit interest will be taxed at the reduced DIRT rate. However, a higher rate of 40 per cent tax will apply if this income is not returned on time by a taxpayer.