Charities spokesmen strongly welcomed the Budget's new tax relief on donations of up to £50,000 per year made by companies to eligible charities. The relief will apply to donations of between £250 and £10,000 to any one charity in any one year, subject to an overall limit of £50,000 or 10 per cent of the donor's taxable income, whichever is less.
The secretary of the Irish Cancer Society, Mr John McCormack, who is also chairman of the Irish Charities Tax Reform Group, said the ICTRG had been lobbying for this relief for the past three years.
"Until now the tax system penalised companies who donated to charities because the donations were disallowed for tax purposes," he said.
"The new relief brings Ireland into line with the majority of EU and OECD countries, who have had this type of tax relief for many years."
He said the relief would be a significant asset to the Irish Cancer Society in attracting donations "to help pioneer new services and fund vital cancer research".
The chief executive of the Disability Federation, Mr Roger Acton, said as a group linked to the Irish Charities Tax Reform Group the federation welcomed the new tax relief as something that would "cost only £2.9 million to the Exchequer while introducing around £11 million into the charities system". He also expressed satisfaction that the relief would "further develop links between the social profit or voluntary sector and the commercial sector".
The fund-raising executive at the Beaumont Foundation, Mr Mike Hannon in a statement said "support from the corporate sector is crucial in funding a range of key projects at Beaumont Hospital and this new concession recognises the importance of this support. The Minister is to be congratulated on this announcement."