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Hollywood film news on August
U2 follow Rolling Stones in lowering taxes
Indo-Asian News Service
London, Aug 9 (IANS) Rock band U2 are following in the steps of
the Rolling Stones and are transferring their publishing company
to the same Dutch finance firm used by
the "Brown Sugar" hitmakers in a bid to lower their tax bills.
According to contactmusic.com, U2 reportedly took the decision
to move a portion of U2 Limited to the Netherlands after the
Irish government placed a limit on tax-free
incomes. The cap was announced last year and ended the tax
exemption on royalties, which were benefiting Irish recording
artists.
The Rolling Stones had paid a measly 1.6 percent income tax on
last year's earnings due to their offshore company. In Britain,
their companies would have had to pay a 40
percent tax
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