asked the Minister for Finance the statutory or other powers which he has in respect of interest charged by the banks on cheques not cleared before the present closure.
Ceisteanna—Questions. Oral Answers. - Bank Cheques.
9.
While I have no statutory powers in respect of interest charged by the banks, it would be open to me as Minister for Finance to make appropriate representations to them if I thought it necessary.
10.
asked the Minister for Finance the total amount of revenue derived from stamps in respect of cheques drawn on commercial banks within the Republic during the years 1968-1969 and 1969-1970.
The total receipts of stamp duty in respect of cheques drawn on commercial banks within the Republic during the years 1968-1969 and 1969-1970 were as follows:—
|
1968-69 |
£524,492 |
|
1969-70 |
£562,965 |
Is the Minister aware that it is proposed to do away with this type of tax collection in Britain?
I am so aware. I am also aware of the reason for it. It is tied in with the changeover to decimal currency. It would not be possible for the British to do this without a 20 per cent increase in stamp duty and, as the policy is not to associate increases in charges with the changeover to decimal currency, it was decided to drop the duty. In our case, however, we are reducing the duty by 20 per cent on decimal day.
I take it the Minister has no intention of doing away with this kind of tax in the Republic?
No.
The Minister appreciates that commercial business along the Border who work through banks in Northern Ireland will not be paying tax. Will a cheque drawn on a Northern Ireland bank issued in the Republic of Ireland be liable?
Yes, if it is properly drawn. Outside the jurisdiction it will not be liable to duty. Drawn within the jurisdiction it will. The Deputy is well aware that there are many other anomalies involved.
We are not talking about them now.
It is the same kind of situation.
The Minister agrees that a cheque issued in the North of Ireland to a person living in the Republic will not be liable to duty.
If it is drawn within our jurisdiction, it will be liable to duty. If it is drawn outside it, it will not.
Even though it is issued within the jurisdiction?
I do not know what the Deputy means by issued.
Paid to.