Dáil Éireann Debate, Tuesday - 25 March 2014
198. Deputy Eoghan Murphy asked the Minister for Finance if it is the case that there is a charge from the Government for cancelling a credit card with a bank in this jurisdiction; the amount that charge is; the way it is calculated; and the justification for the charge. [12924/14]
View answerThere is no charge from the Government for cancelling a credit card with a bank in this jurisdiction. I am informed by the Revenue Commissioners that Section 124 of the Stamp Duties Consolidation Act 1999 provides for an annual stamp duty charge of €30 on credit cards. The charge is applied where a credit card account is maintained with a financial institution at any time during the 12 month period ending on 1 April in any year.
A financial institution is required to furnish to the Revenue Commissioners a statement showing the number of credit card accounts maintained by the financial institution at any time during the 12 month period ending on 1 April and to pay the annual charge of €30 in respect of such accounts.
The financial institution recoups the amount of the stamp duty from the card account holder on 1 April or, if it hasn t already been charged, at the time that the account is closed during the 12 month period. Where the stamp duty charge has been paid in respect of a credit card account which has been closed, a further charge will not be payable in respect of the same 12 month period where a replacement credit card account is opened with another financial institution.
