U2 deny tax avoidance claims

U2 have denied claims that they moved their publishing arm to Holland in order to avoid paying high taxes in their native Ireland.

The Debt And Development Coalition Ireland had accused the band of depriving their home country of millions of pounds worth of possible aid money by deciding to store their wealth in Dutch banks.

"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 from the DDCI.

"Impoverished countries lose millions every year because of tax avoidance and it's essential that our aid programme is not undermined by a lack of action by rich countries, including Ireland."

However, U2's manager dismissed the accusation and insisted that the band are "fully compliant" with Irish tax laws.

Speaking to The Belfast Telegraph, Paul McGuinness said: "U2 is a global business and it pays taxes globally. At least 95pc of U2's business - including record and ticket sales - takes place outside of Ireland and as a result the band pays many different kinds of taxes all over the world.

"They continue to remain Ireland-based and are personal investors and employers in the country. Like any other business, U2 operates in a tax-efficient manner."