Consumers who use their debit cards to obtain cash back from retailers will not have to pay a fee to the Government under changes to the stamp duty regime for bank cards announced in Budget 2016.
On Tuesday, Minister for Finance Michael Noonan announced that the €5 annual stamp duty charged for ATM/debit cards would be abolished from January 1st.
In its place, a charge of 12 cent per ATM withdrawal is being introduced up to a cap of €5 a year, while debit card transactions will attract no duty. This is part of a move by the Government to encourage people to move from cash to electronic payments and formed part of the national payments plan in 2013.
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