Stamp Duties Consolidation Act 1999 section 123D

Bills of exchange

Section 123D imposes an annual stamp duty levy of €0.50 on each bill of exchange (such as cheques, bank drafts and money orders) processed or issued by a bank or other credit or financial institution.

• A "promoter" (a credit institution or financial institution) must pay €0.50 stamp duty for each "relevant bill of exchange" drawn on an account it maintains in the State.
• Excluded items include interbank settlement drafts not payable to bearer, drafts of the Accountant of the Courts of Justice, interest coupons attached to securities, direct debits, standing orders, and bills issued to pay prize bonds.
• The promoter must file an annual electronic statement (via ROS) with Revenue within one month of the end of each calendar year, commencing with the year 2023.
• On its first return, the promoter may elect to account for bills issued (rather than processed); the election is irrevocable and applies to all subsequent returns. Interest at 0.0219% per day applies to late-paid duty under section 159D.