Stamp Duties Consolidation Act 1999 section 124

Credit cards and charge cards

Section 124 imposes an annual stamp duty on credit card accounts maintained by banks and on charge cards issued by promoters, with an exemption for replacement accounts supported by a letter of closure.

• An annual stamp duty of €30 applies to each credit card account maintained by a bank and to each charge card issued by a promoter to a person with an address in the State.
• The chargeable period was a 12 month period ending on 1 April up to 1 April 2023, then a short period from 2 April 2023 to 31 December 2023 (duty of €22.50), and from 2024 onwards each calendar year.
• Banks and promoters must e-file a statement within one month of the end of each chargeable period (within three months for periods up to 1 April 2023), showing replacement and non-replacement accounts, and pay the duty on filing.
• Replacement accounts are exempt, but only where the bank or promoter has issued or received a valid letter of closure confirming that the duty on the closed account has already been accounted for.