ATM Transactions Set To Be Taxed

Business & Finance - Consumer

Friday, 03 September 2010 17:43

Written by Noel Cotter

Chambers Ireland has today criticised reports from the Government that ATM transactions should be taxed.

The representative body said such a proposal goes against all logic as a means of reducing cash in transit and supporting an e-Payment focused economy.

Ian Talbot, Chambers Ireland Chief Executive said, “Chambers Ireland has consistently called for Government leadership on the move to a cashless economy in successive pre budget submissions. We have also played an active role in drafting the report of the National Payments Implementation Programme Advisory Group which last met in June 2009. Despite significant inputs by many stakeholders, this report has not yet been published and we have no indications on when its recommendations will be implemented.”

“A move to e-Payment would save more than EUR1.6bn in transaction costs while also providing significantly enhanced traceability on cash transactions. This in turn would attack the Black economy, aid the Exchequer in raising taxes and support legitimate businesses currently losing out to cash based cowboy operators. Such a move would also reduce the amount of cash in circulation around the country which is enabling tiger kidnappings.”

"The draft NPIP report was completed in June 2009. Yet nothing has happened since then. The Department of Finance and the Government need to move now to catch up on this important agenda for Ireland rather than ‘flying kites’ about taxing ATM cards which are a crucial element in delivering a smarter more productive economy in Ireland,” he concluded.