Michael Ring (Mayo, Fine Gael)
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Question 143: To ask the Tánaiste and Minister for Finance if a joint initiative has been set up between Ireland and England regarding the imposition of credit card stamp duty (details supplied); and if he will make a statement on the matter. [10753/08]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am advised by the Revenue Commissioners that stamp duty of €30 (reduced from €40 in Budget 2008) is chargeable in respect of credit card accounts maintained by a financial institution at any time during the twelve month period ending on 1 April. The financial institution is entitled to pass the charge on to the account holder (section 124 of the Stamp Duties Consolidation Act, 1999). A credit card issued by a foreign financial institution to an individual with an address in the State is liable to stamp duty. The location of the card issuer is irrelevant. The Revenue Commissioners have advised me that their officials have been in direct contact with a number of financial institutions in the United Kingdom and elsewhere regarding their obligations in this area.