Dr. Dre establishes three companies to get a tax break.
Dr. Dre's Beats Electronics has set up shop in Ireland to reduce tax liability through the country's generous corporate tax rate.
According to Irish Examiner,
the West Coast veteran has established three separate companies
including Beats Electronics Services Ltd and Beats Electronics
International Ltd. in Clonakilty, Co Cork. The companies share the same
address as O’Mahony Donnelly accountants, who explain how they help
international businesses operate in Ireland.
"Since I established O’Mahony Donnelly here in 2000 we’ve worked with
a number of multinational corporations to get them set up in Ireland.
This has become a great niche for our firm," says Michael O'Mahony. "We
set up limited companies, provide company secretarial services
including providing a registered company address, as well as other
accountancy and business advisory services."
The establishment allows for "money to be channelled between the
separate companies in the form of royalty payments or license fees to
artificially but legitimately reduce profits as a means of reducing tax
liabilities." U2 took similar measures with their publishing company
back in 2006.
