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Irish bankers urge government to give up tax on ATM cards

October 31, 2004

The Irish Examiner: The Irish Bankers Federation (IBF) said that a €40 (U.S. $51) government duty on payment cards has killed competition in the market and should be scrapped. The body, which represents more than 60 banks operating in Ireland, said taxes on ATM, Laser and credit cards has put Ireland behind much of the rest of Europe in adopting new payments technology and caused the country to rely too heavily on cash and checks.

Recent studies by consulting group Accenture put Ireland at the bottom of the European league table for usage of electronic and card-based payments. Ireland was ahead of just one country, Greece, in working to reduce its emphasis on cash.

The levies bring in €70 million (U.S. $89 million) each year for the government, but the IBF said greater usage of electronic payments could save the economy up to €420 million (U.S. $535 million) a year. (Subscription required.)

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