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Tax Information On Charitable Donations
As the Lions Club is a registered charity in Ireland, those who are PAYE taxpayers and donate €250 or more can help the charity to collect from the Tax Man an extra 25% if they have paid tax at 20%, or an extra 70% if they have paid tax at 41%. By completing a simple form (giving donors name, PPSN and rate at which tax was paid) a €300 donation could be worth either €375, or €510, depending on rate of tax paid by the donor.
Therefore donating a larger amount will cost them less in their tax bill. Like in the example above, a self employed donor paying tax at 20% will find a donation of €375 will cost only €300 net of tax allowance, and a donation of €510 by a 41% self employed tax payer will cost just €300 net of tax allowed.
Further information and relevant forms are available at www.revenue.ie/leaflets/chy2.doc