APPLE CEO TIM COOK AND U2 FRONT MAN BONO EVADE PAYING HUNDREDS OF MILLIONS IN TAXES

APPLE CEO TIM COOK & U2

Apple boss Tim Cook and U2 front man Bono shared more than just a stage last week — they also seem to agree on taxes.

Apple reportedly employs the Double Irish and Dutch Sandwich scheme of sending revenues through subsidiary companies to shift profits to lower tax jurisdictions.

The Irish band U2, ironically, decided to transfer its corporate “domicile” from Ireland to the Netherlands to save even more on taxes.

U2 was on stage to play a live show and celebrate its latest album, exclusively available for five weeks on the iTunes Store.

People following the deal say Apple is paying U2 (and its label, Universal) fees and royalties and as much as $100 million on marketing. And Apple is giving away up to 500 million copies of the Irish rock band’s new album, “Songs of Innocence.”

But there’s nothing innocent about the tax arrangements. Cook and Bono know green from a mile away.

Wayne Holton, partner and head of international tax group Citrin Cooperman, told On the Money that U2 could make out like bandits on the tax side with this new deal.

U2 may well have a loss-making entity within its far-flung business empire that could absorb the latest stream of income, Holton says.

story via New York Post