With their brand new album, No Line On The Horizon, released last week, Irish rockers
U2 are set to add millions of dollars to their already substantial bank accounts. But not everyone’s happy that Bono and co are so successful: protestors in their Dublin hometown angry over claims the band are getting out of paying millions of dollars in tax revenue.
According to campaign group the Debt and Development Coalition Ireland (DDCI), the “Get On Your Boots” four-piece escaped the taxes, after moving their publishing arm to the Netherlands in 2006. This move came after the Irish Government changed the country’s tax rules, which previous gave musicians tax-free status for royalties. (The ruling now caps tax-free earnings for artists at AUS$497,000.)
“We wanted to raise our concern that while Bono has championed the cause of fighting poverty and injustice in the impoverished world, the fact is that his band has moved part of its business to a tax shelter in the Netherlands,” says DDCI representative, Nessa Ni Chasaide. “U2 is just one part of the problem. This is a much wider and systemic problem in our global financial system. Every company and individual has the responsibility to pay the right amount of tax.”