Stamp duty on credit cards will ‘stop European banks entering the market’

THE Government’s stamp duty on credit cards has been labelled “uncompetitive” by a leading industry group, which claims it could stop new entrants coming into the market.

This news comes as financial experts have called for more stringent checks before people are issued with credit or store cards. The Government, which cut the stamp duty on credit cards to €30, collected just over €61 million on the tax last year, down from €107.3m in 2008.

Industry groups have, however, called for the Government to abolish the tax altogether, with the Irish Payment Services Organisation (IPSO) believing the tax could discourage banks across Europe from entering the market.