merrion street

The Minister for Finance, Michael Noonan T.D. today opened a public consultation on the Financial Institutions Levy.
The Financial Institutions Levy was introduced in late 2013 and covered the three-year period from 2014 to 2016. It is payable by financial institutions whose DIRT payments exceeded €100,000 in 2011 and was designed to enable the financial services sector to contribute to economic recovery.
In October 2015, the Minister for Finance announced the extension of the annual levy to 2021, subject to a review being undertaken of the methodology used to calculate the levy.
The public consultation aspect of that review is now being commenced and will run for four weeks from 9 June 2016 to 8 July 2016. Interested parties are invited to submit their views, and further details can be found in the accompanying consultation paper.
Submissions should be sent by e-mail to FIlevyconsultation@finance.gov.ie or can be posted to the Department of Finance. It is intended that submissions received will be published on the Department’s website following the closure of the consultation period.
Commenting on the launch, Minister for Finance Michael Noonan T.D. said:
“When I extended the Financial Institutions Levy in 2015, I undertook that we would continue to collect a similar amount in each of the years covered by the extension so as to maintain the annual yield at about €150 million. The key goal now is to look at how the Levy is calculated and collected. I’m delighted today to be able to invite the views of interested parties on this Levy.”
“The Financial Institutions Levy allows the financial services sector to contribute towards building a fairer society for all of our citizens as envisaged in the Programme for a Partnership Government.”