Ireland’s minister of finance Brian Lenihan announced significant
steps aimed at eroding the dominant position cheques and cash
retain in the country’s payments system.
significant step is a 50 percent cut in annual stamp duty on ATM
and Laser cards (Ireland’s main debit card system) from €10
($13.50) to €5. The cut follows a cut in stamp duty on ATM and
Laser cards from €20 to €10 and a reduction from €40 to €30 on
credit cards implemented in December 2007.
electronic payments, Lenihan also announced that stamp duty on
cheques will be increased from 30 cents to 50 cent per cheque.
Stamp duty on cheques was last increased in 2005, from 15 cents per
not meet calls for abolition of stamp duty on all payment cards by
organisations such as the Irish Bankers’ Federation and business
association Chambers Ireland. Organisations such as these have long
pointed to the huge cost burden on Ireland’s economy resulting from
high cash and cheque usage.
promoting electronic payments have not gone unheeded.
to be established shortly to direct the preparation and
implementation of a national payments implementation plan over the
next two years.