In what could be of significant benefit to many Irish artists, the Department of Finance have decided to increase the artist's tax exemption threshold by €10,000. It means profits will only be taxed above €50,000.
With Arts minister Heather Humphreys stating that "Budget 2015 sends a strong message that this Government values the arts, our heritage and the support of the Irish language", there was also positive news for her Department.
Humphreys has secured a €4 million package to be rolled out over the next year in the lead up to the Easter Rising Commemorations in 2016, while funding for current expenditure has increased for the first time in six years.
Following years of cutbacks, financial support for National Cultural Institutions will now be protected. Minister for Finance Michael Noonan has further signalled his intention to explore measures to boost the film and TV sector.
Humphreys called the increase to the threshold for the artist's tax exemption, "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."
"There is an implied recognition from the Department of Finance that it was a mistake to push the limit down in the way that they did," one music industry insider revealed. "The truth is that we need to provide every possible reason for artists to live in Ireland, because once they are successful, there is a natural draw that takes them to the US or the UK. we need to avoid that brain drain."