Bono, U2 and the tax move.

MrJoeSoap

Now I've never been a fan of Bono, and people might see this as merely a rant by someone who intensely dislikes U2, which essentially it is, but I really have to get this off my chest. I'm sick of this hypocrisy.

For someone who is worth over €150m, who repeatedly challenges people to donate money to charity, who insisted Irelands contribution to developing countries should increase from .5% GDP to .7% GDP and who is one-sixth of a company that has commited $1.9bn to future capital investments (including Forbes, the "Rich List")... you'd think he'd be willing to pay 12.5% tax in his native country?

Thats 12.5% people.

Not the 20% or 42% most decent, hard-working Irish folk pay. The 20% or 42% from which Bono oh-so-publicly (in Croke Park, in front of 80,000 people) requested Bertie Ahern take an extra 0.2% from for developing countries, whilst underneath it all he was planning on moving to pastures greener.

Surely if someone is serious about development, they must be serious about paying tax?

http://www.bloomberg.com/apps/news?pid=20601088&sid=aef6sR60oDgM&refer=home
http://www.worldmagblog.com/blog/archives/027042.html

Oh, and mods, I genuinely didn't know where to put this. Move if you see fit, thanks.

Xavi6

I'm in 100% agreement with the above post.

I absolutely can't stand Bono and u2. For so long my hatred has been based on their horrendous music and Bono's 'I am God' attitude but now I also have a revenue issue with the guy.

The Sweeper

I don't see anything wrong with moving your assets around to avoid paying tax. God damn if I had his money and a jet set lifestyle that allowed me to be domiciled in a sufficient number of locations that I had the option to pay less tax, I would.

Tax isn't a donation to charity. It's money taken from you by your government which is supposed to pay for the running of your country and the provision of local services. Even if you exercise your right to vote, there will be times when the government spend your money on things you don't agree with, don't approve of and don't like. What can you do about it? Fork all. What say do you have in that fact? Nowt but your vote. What use is that when the money's spent? Fork all.

MisterAnarchy

I'm a fan of U2's music but ever since the failure of Popmart they have sold out.
They are obsessed with money and Bono is not practicing what he preaches.
12.5% isnt much to be fair considering he hasnt paid any tax for ages due to the Artist tax laws in Ireland.

MrJoeSoap

MinesBIGSLUT wrote:

Tax isn't a donation to charity. It's money taken from you by your government which is supposed to pay for the running of your country and the provision of local services.

And in Irelands case, 0.5% is given as overseas development aid.

Bono wants Ahern to increase to 0.7%, yet he has moved his tax base to Holland. All this to avoid paying the absolutely paltry 12.5% corporation tax.

I don't really care if someone wants to move their tax base and lower their tax rates, I wish I could. The issue here is that he isn't practicing what he is preaching, he's talking out of both sides of his mouth.

thebman

I completely agree and I find it disgusting to be honest.

The Hill Billy

This issue isn't about Bono - it is about the corporate entity that manages U2. Bono would certainly have had an input into how this business was run & the tax affairs handled, but there are at least 4 other partners who have a vested interest in minimising their tax liability. Don't oversimplify things & lay it all on Bono's already overburdened shoulders.

I'm sure that Bill Gates - uber-philanthropist & all that he is - ensures that the tax liability of Microsoft (including the operations Ireland) is also kept to a minimum.

It is sound business practice, but doesn't stop them from doing what they can in a private capacity to make the world a better place.

Archeron

MrJoeSoap wrote:

And in Irelands case, 0.5% is given as overseas development aid.

Bono wants Ahern to increase to 0.7%, yet he has moved his tax base to Holland. All this to avoid paying the absolutely paltry 12.5% corporation tax.

I thought Ireland had already committed to eventually getting to 0.7% GDP dontations anyway regardless of what Bono says? IMO, he just re-iterates what the charities are already trying to do as if he is somehow responsible; probably another part of the god complex. I think its all a pile of verbal diarrhea and I would like to think that the world can function charitably without the witterings of these people who seem to believe that they are the final bastion between a good world full of hugs and kisses and a crap world full of pain and misery. Get fooking over yourself.
As regards the tax, honestly, I dont care. If I could legally avoid paying tax I would, so I aint gonna get holier than thou about it. Whats important in this context is the amount of money he donates to charity, and AFAIK, its a lot, so fair play to him for that at least.

FinoBlad

Unless you have access to Bono's complete financial affairs, its pointless saying he doesnt pay his fair share. I would guess that he has a considerable tax bill on many aspects of his income in Ireland.

Its just the music publishing company thats moved abroad and surely Bono only owns one fifth of that, so may not have had much of a choice.

sudzs

Does he qualify for non-residency by being out of the country for 90 days and then get his tax back?

pleba

MrJoeSoap wrote:

.....I'm sick of this hypocrisy.

For someone who is worth over €150m, who repeatedly challenges people to donate money to charity, who insisted Irelands contribution to developing countries should increase from .5% GDP to .7% GDP and who is one-sixth of a company that has commited $1.9bn to future capital investments (including Forbes, the "Rich List")... you'd think he'd be willing to pay 12.5% tax in his native country?

Thats 12.5% people.

.[/SIZE]

I think firstly the facts need to be straightened out. U2 Limited, the company, (and not Bono) transferred a portion of their publishing company to Holland. This basically covers all of their royalties for which they enjoyed tax free status up until the last Budget. Granted it probably saved the company a few million quid each year and when the exemption was lifted in last years budget it was always obvious what was going to happen. From paying zero tax to having to pay a few million, as a company it would be stupid not to take advantage of other countries generosity. After all, do you really think we would have full employment in Ireland if the multinationals had to pay 20% corporate tax as opposed to Irelands low 12.5%? Companies need to make intelligent decisions to save money.

Just because Bono is the frontman of U2, believe it or not there are 3 other members of the band too! And a manager. Profits are split evenly 5 ways. (ok not as simplified as that but it doesn’t all go to Bono!). I don’t agree with the OP’s opinion but even so you should be referring to U2 as a group and not just Bono.

The members of U2 all still live in Ireland, have homes, other properties, other businesses and I’m sure pay a large amount of tax in this country.

At the end of the day what they are doing is legal. I think we all need to ask ourselves the question that if we had a legal way of avoiding certain taxes, would we do it? Or give our money away

daveirl

This post has been deleted.

hmmm

The all Bono has to do is announce that he will voluntarily pay his one fifth share of the taxation to the Irish government.

I'm not going to take lectures from someone who escapes Irish tax on how we should spend the money that taxpayers who are not so fortunate have to pay.

MrJoeSoap

pleba wrote:

Just because Bono is the frontman of U2, believe it or not there are 3 other members of the band too! And a manager. Profits are split evenly 5 ways. (ok not as simplified as that but it doesn’t all go to Bono!). I don’t agree with the OP’s opinion but even so you should be referring to U2 as a group and not just Bono.

No, I shouldn't.

I have no issue with the other three or McGuinness because they were not the ones who were asking Bertie Ahern to raise the GDP% in Croke Park in front of 80,000 people. They're not consistently going on about eradicating world debt, whilst investing obscene amounts of money in video game companies, real estate firms and Forbes.

He wants the worlds richest countries to drop the debt of the worlds poorest countries, which sounds plausible in theory, but who is going to take the brunt of this cost? The taxpayer of course, which means Bono won't be too out-of-pocket.

Mossy Monk

Bono is a tool

pleba

MrJoeSoap wrote:

They're not consistently going on about eradicating world debt, whilst investing obscene amounts of money in video game companies, real estate firms and Forbes.

He wants the worlds richest countries to drop the debt of the worlds poorest countries, which sounds plausible in theory, but who is going to take the brunt of this cost? The taxpayer of course, which means Bono won't be too out-of-pocket.

If you're saying that Bono won't be too out of pocket then neither will you or I. We are all taxpayers. Don't get me wrong, I'm not sticking up for Bono in any way, shape or form however he is an easy target, always has been and I could never understand why people try to knock him constantly. Typically Irish I spose, building people up only to knock them down when they reach the top (and I have been guilty of this in the past!)
I really think he is in a catch 22 situation. If he did nothing with his fame and just sat on his ar5e and counted his cash then people would give out about him. But now he spends most of his days campaigning for something he believes in (rightly or wrongly) and yet people still knock him. It's the price of fame in Ireland I suppose. However I'm sure he doesn't give a damn what people think. and rightly so!

Fair play to him I say.
I've no problem if an extra 1% (and the figure we are talking about is nowhere near 1%) of my tax dollars go to help the less well off (be that in Ireland or abroad). We are one of the richest nations in the world. Have we really become that selfish?

ScumLord

Bono is a complete ASS! He doesn't pay he's way and has the gawl to tell us what we should be doing with our money. All this charity craic is just an excuse to put him in the public eye. Everytime I hear a U2 song I can feel the red mist rising.

daveirl

This post has been deleted.

phantom_lord

he should give the difference straight to charities and lead by example/

Cormic

While I have no problems with him saving some tax. We would all do it if we can it is the "lets all do this together" message that kinda hurts.

Bono not pay any tax on his primary job. Admitadly I am sure he pays tax for other businesses he has but his major income is exempt.

I would love it if I could work in Tesco for 8 hours at the weekend and not pay tax on my main job.

DublinWriter

Fado fado, as I boy cub I watched U2, previously called 'The Hype' appear on RTE and thought to myself "what a bunch of shite".

At the time there were so many other, better, Irish bands around.

Twelvety-years later, I've been having a bit of an interior-monologue. The conclusion? These guys are just Simple-Minds made good.

Stack U2 up against the other leading four-piece combos The Beatles, The Rolling Stones and Led Zeppelin, and U2 end up as being the least-common-denonimator, the McDonalds, if you will, of the stadium rock acts. The irony of them having a gigantic pair of golden-arches during their Popmart tour wasn't lost on yours-truly.

And upon this shakey foundation of effects-laden power chords and chuga-chuga 16-to-the-bar hi-hat drumming, Bono has launched himself on the unsuspecting public as world-statesman.

Thankfully, we Irish know a bullshite artist when we see one.

faceman

I have issues with Bono's drop the debt campaign. It shouldnt have been allowed. Look at what some of those countries did after their debt was written off. E.g. Tanzania invested in their military.

Cork

U2 frontman Bono may be known for his charity work all over the world, but talk show host Graham Norton has not taken too kindly to the singer, after the former moved his business to Holland to avoid taxes in Ireland.

"People like Bono really annoy me," Norton, was quoted by the Mirror, as saying.

"He goes to hell and back to avoid paying tax. He has a special accountant. He works out Irish tax loopholes. And then he's asking me to buy a well for an African village.

Tarmac the road outside your house, you tight-wad! Or pay for a school in Ireland.

I've never met Bono and now I probably never will. But if I do meet him I'll ask him because I think it's a hard thing to justify," he added.

Graham Norton hit the nail on the head.

Bono is entitled to do whatever he wants with his empire. But I am tired of this guy and his soapboxes.

As for his music - as a big fan of music - I son't get their music.

To me - it lacks anger or humour.