Cheque duty

Cheque duty is a charge on every cheque printed. The rate of cheque duty is five cents per cheque. With the advent of MICR (magnetisable ink character recognition) on cheques, and the use of computers by banks, the bulk of cheque printing is done by relatively few printers who have been licensed to pay cheque duty monthly.

Temporary licences

Any person or firm may apply for a temporary licence allowing them to have cheques printed on their behalf by a nominated printer.

Monthly returns

You must file a Monthly return for licensed printers of cheques (IR191) and pay the duty each calendar month. You may request these returns by calling our 0800 self-service line on 0800 257 773.

Cheque duty refunds

Cheque duty may be refunded on duty paid by licensed printers and temporary licencees.

If you stop printing cheques

If you would like to cancel your licence, please send a letter with your final return to tell us when you stopped or intend to stop printing cheques.

Licensed printers

With the advent of MICR (magnetisable ink character recognition) on cheques, and the use of computers by banks, the bulk of cheque printing is done by relatively few printers who have been licensed to pay cheque duty monthly.

Licensed banks

Licences authorising banks to commute the duty on cheques issued to their customers are issued by the Banking Sector of the Corporates Unit.

Date published: 12 Oct 2011

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