Budget 2022 | Income tax rates for artists to go down to 7.5%

Come 2022, the income tax rate for artists will be 7.5%.

A new mechanism will be introduced through which the artists' income will be calculated over an average of three years for tax purposes.

A fund of €1 million will be allocated to a guarantee scheme for independent artistic activities, so losses incurred by producers and promoters due to unforeseen circumstances could be recovered.

A €2 million fund will be allocated for seats that could not be sold for artistic activities, due to COVID-19 restrictions.

A separate €2 million fund will also be offered for independent artistic projects under the realm of the Malta Arts Council.