U2 Criticized for Minimizing Tax
Since we keep an eye on Bono at Irish KC, we should report that U2 have been criticized for recently moving a fair chunk of their income out of Ireland for tax purposes.
This stems from the recent tax changes in Ireland with a ceiling of €250,000 on the tax-free incomes in the scheme brought in by the late Charles Haughey and originally intended to aid struggling artists, albeit long since availed of by international music acts you all know and love.
In June, U2, following the example of the Rolling Stones back in 1972, moved some of their empire to the Netherlands to avail of a virtually tax-free status on their multi-million Euro royalties. Joan Burton, Irish Labour’s finance spokesman, said:
Having listened to Bono on the necessity for the Irish Government to give more money to Ireland Aid, of which I approve, I am surprised that U2 are not prepared to contribute to the Exchequer on a fair basis along with the bulk of Irish taxpayers
I wonder could the equating of U2 Ltd with Bono himself, together with throwing the words of one member of the group back at the whole group, even though the money at issue is that of a corporation, cause any friction between the boys?
See Also:
• Part-time Irish Rock Star Learns Piano
• U2, A Tribute To You, Fran
• Highest Tour Earners 2006
• Priest Listens to Old U2 Record
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