U2 and new Irish tax laws
p2p news / p2pnet: U2 singer Bono recently decided to grace Canada with the benefit of his thoughts on the country’s foreign aid commitments.
His comments sparked an article from Elizabeth.
Here she is again with a follow-up >>>>>>>>>>>>>>>>>>>>>>>>
Not Such A Beautiful Day for Bono As Irish Tax Ministry Closes Multi-million Euro Loophole
By Elizabeth
Today the Irish Finance Minister Brian Cowen released the country’s annaul budget which includes the introduction of a €250,000 (almost $300,000) cap on the nation’s artist tax exemption.
Using a 1969 tax break, some of Ireland’s wealthiest artists such as U2, Enya and Van Morrison have not paid one cent of income tax on the hundreds of millions of euros they’ve earned from income derived from their artistic work. But the decades long party has come to an abrupt end as Cowen followed the will of 74% of the Irish public and limited that exemption.
His decision means that starting on January 1, 2007 the bottom 98% of Irish artists who earn less than €250,000 annually will continue to enjoy tax exempt status on income derived from their artistic work. But the top 2% who earn more will no longer be able to claim the exemption.
And that includes U2.
Whether or not the newly taxed will remain in Ireland is now the subject of speculation. Olive Braiden, chair of the Arts Council, said, “With this upper limit now introduced, commercially successful artists may be tempted to work elsewhere in more attractive and lucrative cultural markets in France, the States or the UK and may arrange to have their income taxed elsewhere.
“The Irish exchequer could therefore lose out on these artists non-exempt tax income, which would come in to the country from touring, box office sales receipts etc.”
U2 have spent the better part of nearly three decades extolling the virtues of equality, moral responsibility, and social justice, and Bono has lobbied the Canadian and American governments to send more than 27 billion tax dollars to Africa.
It’ll be interesting to see whether or not U2 practice the politics they preach and pay their share of income taxes, or if its members will leave Ireland for greener shores.
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Also read:-
sparked an article – Bono’s advice to Canada, November 30, 2005
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December 8th, 2005 at 9:45 pm
in a recent “60 Minutes” profile on Bono and U2, they stated that each band member has a home in the south of france, which is basically where they’re based out of, mostly for touring purposes where their private jet in located. but also, as they admitted, they’re treated as royalty by the locals.
since they already have homes in france, and this article states that french tax laws are better than the new irish ones, i think they will relocate to france when the new irish laws begin in 07.
December 8th, 2005 at 10:10 pm
Very well said.
December 9th, 2005 at 4:33 am
Great day for the poor in Ireland.. Bad day for the so-called “spokesperson of the poor” Bono!! hA HA!! If Bono and U2 leave Ireland for good like so what!! They can go! They live most of the time in sunny South of France.. It would show where their real loyalties are.. not to their birthplace but to the love of money…Thank God a government finally listens to the poor and not to multimillionaires for once.! Thanks Bertie!
December 9th, 2005 at 4:40 am
Now: if I remember correctly, some U2 fans stated in a past post that U2 would never move from Ireland even if the tax laws were change. So lets just wait alittle bit here and see if U2 is more interested in Ireland or MONEY……..I don’t suppose they would admit they were totally wrong about U2’s motives when they oopps I mean if they move. Time will tell. ……..Rescue
December 9th, 2005 at 3:51 pm
Ow that nice for them being treated like royalty.
What happen last time, with local royalty?
I has happen again, anyone, UK Princessa Diana.
December 9th, 2005 at 6:52 pm
Bertie’s the Man!!! Rock on dude! Nice to see Bono get a dose of some of that Equality he’s always giving out about.
December 11th, 2005 at 3:32 pm
Well according to this article, the new tax laws won’t make a difference. It’s said that U2 makes more income from touring and performing than songwriting so more of their income will be exempt. I am not an accountant, it’s looks complicated to me. Anyway, the rich always finds ways to get away with it as usual.
http://www.timesonline.co.uk/article/0,,2091-1920295,00.html