Posts Tagged ‘artist tax exemption’

Budget 2014

15th October 2014 by Maura McHugh

On Tuesday, 14 October the details of 2014 Budget were announced. Here are the highlights in relation to the Arts:

  • €4 million package to roll out an integrated plan to commemorate 1916
  • Funding for current expenditure has increased for the first time in six years
  • Financial support for our National Cultural Institutions has been protected, following several difficult years of cutbacks
  • Minister for Finance commits to explore measures to boost the film and TV sector
  • The artist tax exemption is increasing by €10,000 from €40,000 to €50,000

During her statement about this year’s budget the Minister for the Arts, Heritage and the Gaeltacht, Heather Humphreys TD said:

“I am particularly pleased that the Minister for Finance, Michael Noonan TD, has today signalled his intention to look at ways to further boost the film and TV sector. More than 5,000 people are employed in the Irish audio visual sector, which has gained a very strong reputation internationally in recent years. Increasing the €50 million cap for film tax relief would help to attract more international projects to Ireland and create hundreds of new jobs, and I look forward to pursuing this in more detail with Minister Noonan over the coming year.”

“The increase in the threshold for the artists’ tax exemption from €40,000 to €50,000 is a clear recognition of the need to support artists. Artists are the bedrock of our culture and they continue to represent us at home and abroad with great distinction.”

The Irish Minister for Finance, Michael Noonan TD said on this matter:

“The new Irish film tax credit scheme is due to commence in 2015 and I am very pleased that it has been broadly welcomed by the film industry. The film industry is very important to modern Irish culture and to the economy, not just in terms of jobs but also indirectly through tourism promotion. As the new scheme beds down next year, I will be monitoring how it works and how it can be improved. One of the issues that I will consider in the context of Budget 2016 is a possible increase to the €50 million cap on eligible expenditure, subject of course to resource constraints.”

Earlier in 2013, the Irish government extended the Section 481 scheme to 2020 and increased its value to 32% as of 2016. This improvement and the change announced in the 2014 budget has now been brought forward to 2015.