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InvisibleAlex213
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Registered: 08/22/05
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Tax at 1.6% - just be rich first
    #5924005 - 08/02/06 12:38 AM (17 years, 9 months ago)

Stones paid just 1.6% tax on £240m royalties

By Allan Hall in Berlin
Published: 02 August 2006

The Rolling Stones have paid just a fraction of their vast earnings in the last two decades to the taxman.

Records released in the Netherlands show that the band's tax bill on their earnings of $450m (£240m) was a mere $7.2m. The information came to light after the Stones decided to open two foundations in Holland to manage the rights to their music, performances, merchandise and films and to settle the question of ownership should one of them die. The registration for the two new foundations, which will control the rights to the Stones' royalties, revealed that the Stones had been putting all their royalties into the Netherlands since 1972.

The figures were from 20 years of annual reports for Promogroup, the fiscal mother company of the Stones in the Netherlands, where the tax rate is so low because there is no direct tax on royalties, unlike in other countries.

And the tax breaks are so good for the rockers that U2 have also now copied the Stones by moving to the same exclusive Amsterdam address on 1 June. The bands now share the same Dutch director, Jan Favie.

http://news.independent.co.uk/uk/this_britain/article1209751.ece

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