Tax Relief

Galway Arts Festival is a registered charity which means that contributions exceeding 250 qualify for tax relief. Under Section 848a of the Taxes Consolidation Act 1997 the minimum qualifying amount has been set at 250 and there is no maximum qualifying amount.

Self-Assessment
A self-employed individual receives tax relief on the donation via the tax return. A donation of 450€ (minimum qualifying amount 250) effectively means a real cost of 360 if paying tax at the standard rate of 20% or 261€ if paying tax at the higher rate of 42%.

Corporate Donations
Companies can treat the donation (minimum qualifying amount 250) as a trading expense thus reducing the real cost.

PAYE Taxpayer
If you are a PAYE taxpayer and choose to donate an amount above 250€ (minimum qualifying amount) the Revenue Commissioners allows us to claim back relief on the grossed up amount. For example if you pay tax at the higher rate of 42%, your 250 is worth 413 to us and as a standard rate taxpayer, the same amount is worth 313.