The European Central Bank has expressed concerns at Ireland’s plans for charging stamp duty on ATM withdrawals. The ECB are concerned that the 12c charge for each withdrawal could be seen as a tax.
It is also worried that the move could pave the way for other taxes on accessing cash and make cash transactions more expensive than electronic ones.
The move is still to be implemented and was included in the Finance Bill which passed the Seanad this morning. Section 64 of Finance Bill 2015 includes a charge of 12c on all ATM withdrawals, subject to an annual ceiling of €2.50, or €5 in the case of combined ATM and debit cards.
At present, charges on ATM withdrawals are charged by individual banks.