asked the Minister for Finance the cost involved in collecting revenue derived from the stamping of cheques drawn on commercial banks.
Ceisteanna—Questions. Oral Answers. - Duty on Cheques.
12.
All commercial banks have entered into arrangements with the Revenue Commissioners for the composition of the stamp duty chargeable on cheques. Such cheques are not stamped with duty but bear a medallion denoting payment of the duty which is printed on the cheques at the time of their production.
Under the composition arrangements the banks account to the Revenue Commissioners at quarterly intervals for the duty involved. The cost involved in collecting revenue in this manner is trifling. Occasionally bank customers provide their own special cheques. The composition arrangements do not apply in such cases and the cheques require to be stamped with impressed stamps in the ordinary way. Such cases, however, form a very small fraction of the whole and have no significant effect on the cost of collection.