Dáil Éireann Debate, Wednesday - 27 September 2006
534 Mr. Lowry asked the Minister for Finance the detail of stamp duty rates on cheques, laser cards with ATM function, ATM cards and credit cards each year since 2002; the income to the exchequer each year on each; if he will review these rates; if consideration will be given to removing the stamp duty on each in Budget 2007; and if he will make a statement on the matter. [29640/06]
View answerThe rates of stamp duty on cheques, debit cards with ATM function, ATM cards and credit cards each year since 2002 is as follows:
Cheques: Cheques drawn on or after 5 December 2002 – 15c; Cheques drawn prior to 4 December 2002 – 8c.
Debit Cards with ATM functions: 2002 — €10; 2003 onwards — €20.
However, I introduced changes in this year's Finance Act to alter the way that stamp duty is charged on these cards. The stamp duty is reduced to €10 per annum where the card is only used for one function (either ATM transactions or debit transactions) throughout the year.
ATM Cards: 2002 — €6.25; 2003 onwards — €10.
Credit Cards: 2002 — €19; 2003 onwards — €40.
However a relieving provision was introduced in the 2005 Finance Act to limit the duty to a single charge where an account holder moved account during the year.
The yield to the Exchequer for each year is:
|
Year |
Credit/charge cards |
ATM/debit cards |
|
€m |
€m |
|
|
2002 |
22.9 |
14.04 |
|
2003 |
51.7 |
32.64 |
|
2004 |
59.0 |
35.25 |
|
2005 |
63.8 |
37.9 |
All stamp duties, including the stamp duties on financial cards and bank transactions, are reviewed in the context of the annual Budget and Finance Bill.
