Revenue Tax Briefing

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Revenue Tax Briefing Issue 62, December 2005

Encashment Tax - Notice to Bankers and Brokers

Responsibility for the administration of Encashment Tax [Sections 17, 32-35, 60-63 and Schedule 2, TCA 1997 refer] will move from Direct Taxes Interpretation and International Division to the Collector-General's Division, effective from 1 January 2006. Enquiries concerning Encashment Tax after that date should be referred to:

Mr. Michael O'Donoghue,
Higher Executive Officer,
Collector-General's Division,
Minor Taxes Unit,
Sarsfield House,
Francis Street,

Telephone: 061-488185
Fax: 061-488673

As payment of this tax is confined to a small number of chargeable persons (approx 40 last year), mainly large bankers and financial brokers, this internal re-organisation within Revenue will have no impact on the vast majority of taxpayers, who will continue to make returns relating to their foreign dividends in the normal way. Claims for refunds of encashment tax suffered by non-residents and charities will continue to be handled by:

Collector-General's Division,
Government Offices,
St Conlon's Road,
Co Tipperary.