U2 to move royalties to the Netherlands

This follows Finance Minister Brian Cowen’s decision to impose a €250,000 cap on tax-exempt incomes for artists resident in Ireland.
"We cannot stand over a situation in which some high-earning tax residents, through the use of incentive reliefs, can reduce their taxable income to nil,” the Minister says.
Up until the new limit, U2 had availed of Artists’ Exemption to avoid paying tax on songwriting royalties, but not tours and performances, which weren’t covered by the scheme.
It emerged last month that over the past 20 years, Mick Jagger, Keith Richards and Charie Watts have paid just 1.6% tax on earnings of £242million. Under Dutch law, there is no direct tax on royalties. As a latecomer to the band, Ronnie Wood has different financial arrangements.
U2’s songwriting affairs are now being managed by the Stones’ Amsterdam-based financial consultant, Jan Favie.
Among those angered by the move is Labour Party finance spokesperson Joan Bruton.
"Having listened to Bono on the necessity for the Irish government to give more money to Ireland Aid,” the T.D. states, “I’m surprised that U2 are not prepared to contribute to the exchequer on a fair basis along with the bulk of Irish taxpayers."