Important information: Raisin does not provide tax advice. The information below is intended as a general guide only, based on guidance published by Revenue. It should not be relied upon as professional or legal advice. If you have any questions about your personal circumstances, you should contact Revenue directly or seek advice from a qualified tax advisor.
For full details, see Revenue’s publication:
Revenue Tax and Duty Manual Part 08-04-12: The taxation of deposit interest income
Do I have to pay tax on interest earned through Raisin?
Yes. If you are tax resident in Ireland, any interest you earn on your Raisin deposits is taxable in Ireland.
Deposits held through EU or EEA partner banks (for example, banks in Germany, Spain or the Netherlands) are not subject to DIRT at source. In these cases, you must declare the deposit interest income directly to Revenue. Raisin will provide an annual statement outlining how much interest you earned and how much tax you paid abroad in the previous calendar year.
What rate of tax applies?
If you declare your EU/EEA deposit interest accurately and on time, it will be taxed at the DIRT rate in effect when the interest was paid (currently 33 %).
(Source: Revenue Tax and Duty Manual Part 08-04-12, Section 4.1.1)
How do I declare EU deposit interest to Revenue?
You must include the income in your annual tax return. The process depends on whether you are self-assessed or a PAYE taxpayer.
If you are self-assessed (Form 11):
Include the EU/EEA deposit interest in
Section F – “Foreign Income” > “EU Deposit Interest”.
If you are a PAYE taxpayer (Form 12):
Include the income under
“Foreign Income” > “EU Deposit Interest”.
When declaring online through MyAccount, follow these steps (as illustrated by Revenue):
Select Foreign Income → Show more
Choose EU Deposit Interest (excluding UK interest)
-
Enter:
Amount of EU Deposit Interest (€)
Any Savings Directive withholding tax credit (foreign tax already withheld by our partner banks), and
Any Other foreign tax deducted
(Screenshots are included in the Revenue manual, pages 11–12.)
What if tax was already deducted abroad?
If your foreign bank withheld tax from your interest, you may be entitled to Double Taxation Relief under Ireland’s network of Double Taxation Agreements (DTAs).
Under a DTA, Ireland gives credit for tax already paid in the other country, up to the limit set by the agreement.
Example (from Revenue):
If you earn €100 interest in a Portuguese bank account and 15 % (€15) is withheld in Portugal, then:
Irish tax due at 33 % = €33
Less €15 Portuguese credit
Irish tax payable = €18
If tax is withheld above the DTA limit, you must apply directly to the foreign tax authority for any refund.
Where can I find further information?
For detailed guidance, visit:
🔗 Revenue: The taxation of deposit interest income (Part 08-04-12)
For personal queries, contact:
Revenue MyAccount Helpdesk: https://www.revenue.ie/en/contact-us/
Or your tax advisor