U2 - U2 FOLLOW STONES TO FIND LOW TAX

U2 FOLLOW STONES TO FIND LOW TAX

U2 have reportedly followed THE ROLLING STONES' lead and transferred part of their publishing company to the same Dutch finance firm used by the BROWN SUGAR hitmakers in a bid to lower their tax bills. The ELEVATION stars allegedly took the decision to move a portion of U2 Limited to the Netherlands after the Irish government placed a 250,000 euro ($321,000/GBP170,000) limit on tax-free incomes, according to British newspaper the Daily Telegraph. The cap was announced last December (05), and brought to an end the tax exemption on royalties which benefitted Irish recording artists. It was revealed last week (ends06AUG06) that The Rolling Stones paid a paltry 1.6 per cent income tax on last year's (05) earnings of $146.3 million (GBP81.3 million) thanks to offshore companies. In Britain, their companies would have been liable to pay 40 per cent tax.