S.L. 123.211 Art. 3Limitations and conditions. 

The provisions of article 56(26A) of the Act shall be subject to the following limitations and conditions and to the other provisions of these rules:

(a) they shall apply to income derived by an individual on or after 1st January 2022 from a trade, business, profession or vocation that is chargeable to tax in terms of article 4(1)(a) of the Act;

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(b) the tax at the rate provided for in the said article 56(26A) of the Act shall be chargeable on the amount of the net income so derived following of any deductions allowable in 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 fifty thousand euro (€50,000);

(c) the income subject to the said rate of tax shall be reported on a form approved by the Commissioner together with such details as may be required on such form or otherwise requested by the Commissioner by not later than 30th April of the relative year of assessment and the tax thereon shall be payable by not later than the said date.

4.† (1) When the net income derived by an individual from an artistic activity to which article 56(26A) of the Act applies, following any deductions allowable in terms of article 14 of the Act in respect of expenses incurred in the production of such income, exceeds the amount mentioned in paragraph (b) of rule 3, the said individual shall report such excess in a tax return submitted in accordance with article 10 of the Income Tax Management Act.

(2) The income that shall be reported in a return in accordance

*This Article shall come into force from the year of assessment 2026. †This Article shall come into force from the year of assessment 2026. with sub-rule (1) shall form part of the chargeable income of the individual in question and shall be subject to tax at the rates laid down in article 56(1)(a) or (b) of the Act. The provisions of article 90A of the Act shall not apply to such income.