Legal Notice 137 of 2025 amended the way taxation on artistic income will be applied as from year of assessment 2026 basis year 2025.
The special tax rate, provided in article 56(26A) of the Act shall be chargeable on the amount of the net income so derived following any deductions allowable in the terms of article 14 of the Act in respect of expenses incurred in the production of such income and shall be applied to an amount not exceeding €50,000.
In short, the special tax rate of 7.5% will be now be calculated on ‘net’ income and not on ‘gross’ income as before.
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