The current €5 stamp duty automatically deducted from your bank account each year will no longer be in effect starting on January 1st.
The announcement comes as the Minister for Finance Michael Noonan said he is scrapping the €5 Stamp Duty which is charged on all debit and ATM cards in his 2016 Budget plan this afternoon. Although, every Irish banking costumer will face a pesky 12c ATM transaction charge everytime they visit the ATM. However it I believed that the new charges will be capped annually at either €2.50 or €5. Under the new plan there will also be no charge for debit card payments.
Meanwhile Mr Noonan said the decision is another way to incentivise electronic payments to help retailers across the country. On the other hand, the Minister said retailers now have no excuse to insist on minimum spends for debit card use.