Commuters can save themselves up to 52 per cent on the cost of point to point annual/ yearly and monthly Bus Éireann tickets and also Galway city bus tickets with the Taxsaver Commuter Ticket.
At a time when saving money is imperative for everyone, the Taxsaver commuter ticket from Bus Éireann enables companies to help employees substantially reduce their travel costs – in many cases by hundreds of euro.
For example, a person commuting from Galway to Oughterard whose annual/ yearly Bus Éireann ticket usually costs €2,184 would benefit from savings of between approximately €1,135 and €677 on the overall cost of their ticket depending on their tax status. On a Galway city monthly bus ticket it usually costs €55 but customers would benefit from savings of approximately €28.60 and €17.00 on the overall cost of their ticket depending on their tax status.
Under Taxsaver from Bus Éireann, employers can purchase monthly, flexible part-yearly (tickets covering from two to 10 months of travel ), and annual/yearly bus tickets on behalf of their employees with the cost of the ticket deducted from the employees’ weekly or monthly salaries. Employers who take part in the programme benefit from a PRSI saving of up to 10.75 per cent.
Since Taxsaver Commuter Tickets are not subject to Tax, PRSI or Universal Social Charge (USC ), if the employee is paying the top rate of tax, 41 per cent, then this, along with the 4 per cent they pay in PRSI and the 7 per cent they pay in the USC, is deducted from the cost of the ticket giving a total saving of 52 per cent.
If the employee is on the lower tax band, ie 20 per cent, then they will achieve a saving of up to 31 per cent (20 per cent tax, 4 per cent PRSI, 7 per cent USC ) on the cost of their Bus Éireann monthly, annual, or city bus ticket.
Reminding people to apply for the scheme this year, Minister for Public & Commuter Transport, Alan Kelly, is urging customers to take full advantage of the opportunity to save money.
Employers can register for the Taxsaver Scheme at www.taxsaver.ie Taxsaver tickets are valid for unlimited travel between two designated points on the Bus Éireann network. The city tickets (Galway, Cork, Waterford, and Limerick ) are valid for unlimited travel. The Taxsaver Scheme can be joined at any time of the year.
For more information on the Taxsaver Scheme please check out the website - www.taxsaver.ie, email [email protected] or call (01 ) 703 3435. Tax briefings are available at www.revenue.ie
