Dáil Éireann Debate, Tuesday - 23 November 2004
68 Mr. Sherlock asked the Minister for Finance his views on the recent call made by the Consumers' Association of Ireland and the Irish Bankers’ Federation for the abolition of stamp duty on laser, credit and ATM cards; and if he will make a statement on the matter. [29871/04]
Amharc ar fhreagraStamp duty exists on various financial cards in order to provide Exchequer revenue. The stamp duty on cheques, bills of exchange and promissory notes has existed for many years and when electronic means of money transfers such as credit cards, ATM cards and laser cards were subsequently introduced, stamp duty was gradually extended to those products to ensure that the stamp duty from cheques etc. was not eroded.
In 2003, the stamp duty yield from all financial cards was some €85 million. The yield from credit and charge cards was almost €52 million, whereas the yield from cash cards was almost €33 million. Stamp duties on credit cards and cash cards are a contributor to the Exchequer's tax revenues, which help fund public services such as health and education, thereby facilitating continued economic success, which is of benefit to all taxpayers. The growth in the numbers of such cards and their usage suggests that the existence of a stamp duty does not discourage their use.
As Deputies are aware, it is not the practice to comment in the lead up to the annual budget and Finance Bill on the intention or otherwise to make changes in taxation.
