€40 credit card stamp duty stays

THE €40 stamp duty on credit cards is set to stay after officials in the Department of Finance blocked a review of the controversial tax that could have lead to its removal.

The department turned down a request from the Competition Authority to scrap taxes on credit and cash cards unless it could prove the taxes had no effect on competition, saying they were “a considerable source of revenue” and here to stay.

Ireland is alone in Europe in levying hefty charges on payment cards, which hit bank customers for almost €100 million every year.