Dr. Dre Avoids High Taxes
( 4UMF NEWS ) Dr. Dre Avoids High Taxes:
Dr. Dre doesn’t want to end up on the ever-growing list of rap stars busted for not paying their taxes, so he’s taken his business ventures to Ireland.
The Good Doctor, who was named Forbes’ highest paid musician of the year thanks to his Beats By Dre empire, has launched a few business in the UK to avoid giving Uncle Sam too much of his ends.
Dre has reportedly opened three companies in an area known as Clonkailty, County Cork, in search of tax refuge.
From the Irish Examiner:
The three businesses each share their address with O’Mahony Donnelly accountants, run by husband and wife Michael O’Mahony and Ann Donnelly.
Mr O’Mahony said helping clients like Dr Dre had become one of their niche markets. “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.”
According to O’Mahony several companies have high tailed it across the pond. “We are active in a network of international business advisers that brings us clients looking to do business here. We like the challenges and diversity this niche brings to our firm.”
Although he would not mention Dre specifically, O’Mahony acknowledged doing the same work for similar companies. “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 low corporate tax rate is a big factor in attracting companies to set up in Ireland, but there are many other reasons. Ireland is the only country in the eurozone with English as a primary language and we are still known to have a great workforce, top quality of life and business environment.”
With a net worth well above$200 million, it’s no wonder Dre’s trying to hold onto as much of his money as possible.