Revenue to review artists’ tax exemption

The Government will shortly begin a review of the artists’ tax exemption in advance of Budget 2016, although Finance Minister Michael Noonan has pointed out that the majority of those claiming the exemption earn less than €40,000, according to the latest available figures.

Revenue has the power to determine that certain artistic works are original, creative, and generally recognised as having cultural or artistic merit.

For 2015 and subsequent years, the first €50,000 per annum of profits or gains earned by writers, composers, visual artists, and sculptors from the sale of their work is exempt from income tax in certain circumstances