U2's new album is out today, and I'll probably buy it. But I will have to hold my nose, because U2, like Enron and AIG and most companies in the Fortune 500, has a subsidiary in a tax haven. For over 20 years, U2 benefited from Ireland's non-taxation of creative income. But in 2006, the government had the audacity to cap the tax break at 250,000 euro annually. So U2 promptly incorporated in the Netherlands, where its royalties would only be subject to a 5% tax rate as opposed to Ireland's 12.5%. Nothing illegal, but it's a little hypocritical when someone who wants developed country governments to give more money to poor countries doesn't want to pay his fair share of taxes.

Last week, Bono lashed out at critics. Friday, he said he was "stung" by criticism of U2's use of a tax haven, arguing that what was hypocritical was not his own actions, but "the idea that then you couldn't use a financial services center in Holland." Singling out the group Christian Aid, a large European anti-poverty NGO, he said, "People who don't know our music - it's very easy for them to take a position on us - they run with the stereotypes and caricature of us."

Huh?

LIke I said, I'll have to hold my nose.

http://taxjustice.blogspot.com/2009/02/boo-hoo-bono.html#links