Seanad debates

Tuesday, 25 March 2003

Finance Bill 2003 [ Certified Money Bill ] : Second Stage.

 

Sections 140 and 143 confirm various increases to stamp duty on credit and other cards, cheques and non-residential property. Section 141 gives effect to the announcement on budget day that a specific contribution to the Exchequer is to be obtained from the financial sector for the three year period 2003 to 2005. The targeted contribution is €100 million per annum for each of the three years. The required amount for 2003 is to be obtained from each relevant financial institution or group by way of a special stamp duty of 50% of the amount of the tax payable on deposit interest by it to the Revenue in the calendar year 2001, excluding any arrears relating to earlier years. This charge is subject to an upper limit of 0.15% of the institution's or group's average deposits from Irish residents in 2001.

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