Saturday September 19, 2020

Savings could be hit by Budget DIRT hike

Consumers could see the value of their savings further eroded if the government decides to increase tax on deposit interest in tomorrow's Budget.

4th December, 2012

Consumers could see the value of their savings further eroded if the government decides to increase tax on deposit interest in tomorrow's Budget.

Deposit Interest Retention Tax (Dirt), which is applied to the interest earned on savings, could be one of the taxes hit in the Budget. The government has previously committed that it will not increase income tax rates, meaning the required additional tax revenue will come from other types of tax.

Last December's...

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