Less duty gives you more booty

THE annual €40 stamp duty on credit cards is to fall to €30 and the levy on cash machine cards is to halve to €5.

Stamp duty on combined debit and ATM cards is to halve to €10 while stamp duty on cheques will double to 30c to encourage more consumers to switch to electronic payments.

Yesterday the Consumers’ Association of Ireland joined bank industry bosses in welcoming the cuts.

Association vice-chairman Michael Kilcoyne, a trade union official, said the cut in duty on cards followed an agreement between the State and 150,000 public sector workers for salaries to be paid into bank accounts. The Government is keen to something similar with social welfare benefits. However bank officials insisted the levy must go entirely.

“It discourages banks across Europe from entering the Irish market,” said Úna Dillon, of the Irish Payment Services Organisation.