Bertie Ahern (Dublin Central, Fianna Fail)

I wish to make a few points. On the historical background to this matter, the imposition of stamp duty on cheques, bills of exchange and promissory notes is a long-established practice. When electronic means of money transfers, such as credit transfers, ATM and debit laser cards were introduced, stamp duty was gradually extended to these products to ensure that the stamp duty receipts from cheques were not eroded. The duty, therefore, moved from one to all of those means of money transfer over time. Credit cards first became liable for stamp duty about 25 years ago, ATM cards became liable in 1992 and debit cards became liable in 2003. The rates of duty and their application have been amended a number of times over the years. The last major amendment was in the 2003 budget, when the duty on each financial instrument was increased.

Bank drafts are covered but electronic payments are not covered.

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