Written answers
Tuesday, 10 February 2009
Department of Finance
9:00 pm
Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)
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Question 256: To ask the Minister for Finance the annual return to the Exchequer from stamp duty on cheques in each of the years 2005, 2006, 2007 and 2008; the rates applying in each of these years; the dates on which increases came into effect; if a pattern of reduced usage of cheques has shown over the years cited or against previous years; if so, when the peak years were; and if he will make a statement on the matter. [4788/09]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I am informed by the Revenue Commissioners that the net receipt in the years 2005 to 2008 from stamp duty on cheques issued by financial institutions is as follows:
Year | 2005 | 2006 | 2007 | 2008 |
â'¬m | â'¬m | â'¬m | â'¬m | |
Net Receipt from Cheques | 16.5 | 16.7 | 18.6 | 30.5 |
The rate of stamp duty on cheques which applied in each year is as follows:
Year | Rate |
2005 | 15c per cheque |
2006 | 15c per cheque |
2007 | 15c per cheque up to 6 December, and 30c thereafter |
2008 | 30c per cheque up to 15 October, and 50c thereafter |
As regards the pattern in the usage of cheques the Deputy may wish to note the following statistics (derived from information from the European Central Bank) showing the numbers of cheques processed by financial institutions for payment transactions in Ireland during the years 2003-2007. The figures are expressed in terms of millions of cheques.
Year | Payment Transactions (millions of cheques) |
2003 | 73.80 |
2004 | 72.62 |
2005 | 132.14 |
2006 | 124.64 |
2007 | 124.30 |
On this basis there are indications that, after peaking in 2005, the usage of cheques may be in decline.
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