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U2 avoids taxes with move

From Bloomberg News

Bono, the rock star and campaigner against Third World debt, is asking the Irish government to contribute more to Africa. At the same time, he’s reducing tax payments that could help fund that aid.

After Ireland said it would scrap a break that lets musicians and artists avoid paying taxes on royalties, Bono and his U2 bandmates earlier this year moved their music publishing company to the Netherlands.

The Dublin group, which Forbes estimates earned $110 million in 2005, will pay about 5% tax on their royalties, less than half the Irish rate.

Lead guitarist David Evans, known as the Edge, earlier this month defended the publishing company’s move as a sensible decision for a group that makes 90% of its money outside Ireland.

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As residents of Ireland, members of U2 remain liable for personal income taxes.


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