Irish Bankers Call For Removal Of Stamp Duty On Credit Cards
In its pre-Budget submission, published on Sunday, the Irish Bankers' Federation
(IBF) called for the abolition of stamp duty on debit, credit and ATM cards,
arguing that the levy undermines consumer choice, thereby restricting competition. The Consumers Association of Ireland pitched its lot in with the Federation,
suggesting that the continuation of stamp duty on bank cards will serve to hinder
the continued development of the Republic's banking and payment system. "The stamp duties only served to add to the burden of affordability and
penalise consumers who had embraced the move to a cashless and secure environment,"
the Association's chief executive, Dermott Jewell was quoted by the Irish Independent
as observing. He added: "The latest slap in the face is that this environment now contains an
anti-competitive and costly hurdle for those wishing to change bank. It is both
ridiculous and unacceptable." .
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