Credit Card Stamp Duty

T

The_Banker

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I just had the €40 Stamp Duty taken from my credit card. Annoying as it was clear and now I am in negative territory and I have to make a minimum payment which is before my salary is paid.

Anyway, didnt Charlie McCreevy introduced Stamp Duty on ATM/Laser and Credit Cards during the Celtic Tiger to try and put a curb on runaway inflation?

I believe the Stamp Duty on ATM/Laser cards was abolished.

Now that we are in recession should the Stamp Duty on Credit Cards not be abolished?

Does anyone know if a similar tax exists on Credit Cards in other countries?
 
I would query that stamp duty is €30 and is taken on all credit card accounts on 1st April annually or on date of account closure.

Stamp duty is €2.50 on ATM and Laser cards or €5 on combo cards.

The UK, Canada, USA etc don't charge stamp duty I don't know any other country that does.
 
ah okay, well unfortunately its still €30 - that hasn't changed yet.

Also its per account, so if you have a card you can add someone else on and just pay one tax.
 
its one of my most despised sneaky taxe not a luxurys, this day & age a cc and debit card, how anyone can get by with electronic paymentis beyond me
 
I don't understand how you say it was clear and that now you'll have to make min payment. Did you get your bill or had you viewed that it was added on line?
 
The simple reason why the stamp duty was introduced was because there was an existing stamp duty on cheques and they wanted to replace it as people moved away from cheques.

Large credit card companies are in favour of it because the process of moving to another issuer is so complicated due to the tax. Even when people were spending big on cards in Ireland, it was only ever on one card. In other countries, the UK being one, it is quite normal to have more than one credit card.

Smaller issuers in Ireland such as MBNA, Ulster Bank, Halifax were harmed by the stamp duty.
 
"What if I live outside the country?

You are not liable to stamp duty if your billing address is outside the State for the entire accounting period in question" - Revenue.ie

My Brother lives abroad and still has a AIB Credit Card. He get's charged every year for stamp duty as he still uses the family address in Ireland for statements.

Is it just as simple as a phone call to AIB to give them his address abroad to avoid any further stamp duty/ Any chance of claiming past year's back?

He has no current a/c with AIB - would this be a problem? He feel's a 'catch' somewhere with this?
 
I got my charge on my recent bill.. Is the charge for the following year? Or is it a charge for last year?
I changed to my bank from Halifax last year :-(
I have the letter from Halifax saying that I paid last years, but am not sure if the recent charge is correct (if for upcoming year) or incorrect (from last year, for which I already paid)
 
theresa1 said:
My Brother lives abroad and still has a AIB Credit Card. He get's charged every year for stamp duty as he still uses the family address in Ireland for statements.
Click to expand...

AIB don't allow non residents to have credit card accounts.
 
Now that I have the Moneybookers prepaid Euro currency Mastercard I'm considering cancelling my regular Mastercard. http://www.askaboutmoney.com/showthread.php?t=111541&page=6
No stamp duty as it operates outside the State and no charges to transfer money across from my bank account. It all depends on whether you wish to have credit facilities or not. I too am pretty irritated by this unfair and disproportionate tax on simply having plastic. Its very difficult to survive in this day and age without some form of plastic unless you want to walk around with a few hundred euro in your pockets.
 
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