U2's Tax Shelter Accused of Hurting Impoverished Countries

U2's Tax Shelter Accused of Hurting Impoverished Countries
Bono and the gang are taking some heat for burning the candle at both ends.

U2 are now facing heavy criticism after moving their company, U2 Ltd., to a tax shelter in Holland in 2006. The Debt and Development Coalition Ireland (DDCI) attacked the band yesterday, claiming that their tax avoidance scheme puts serious hurt on the world's most impoverished countries. It would seem that Bono is battling the world poverty game and himself.

According to the Belfast Telegraph, U2's manager Paul McGuinness recently rejected the accusations, saying that Bono, Edge and the other two are big time investors and employers in Ireland.

The DDCI got in the face of Finance Minister Brian Lenihan outside his office yesterday to address that U2 were depriving the state from funds that are needed to aid foreign countries.

"There is nothing illegal about what they have done in taking advantage of more favourable tax laws but, given Bono has invested so much in promoting an end to poverty, we see a contradiction there," said Nessa Ni Chasaide, of the DDCI.

McGuinness stuck to his guns last night (February 25), adding that U2 is "fully compliant" with Irish tax legislation. Coincidence or not, it seems that all the bad press came last night on the eve of their Irish release date for new album No Line on the Horizon.