Tax Evasion – U2 Frontman Bono Criticised for Tax Avoidance  

Tax Evasion – U2 Frontman Bono Criticised for Tax Avoidance

The world famous musician, Bono, of U2 fame has long been commended for his humanitarian endeavours but, according to a report in the Belfast Telegraph, his tax avoidance is having a negative impact. Tax evasion is increasingly coming to light amongst celebrities.

According to the report in the Belfast Telegraph, many humans rights campaigners have hit out at Bono because of his insistence on storing much of his wealth in a tax haven, which they say is impacting significantly upon the world's poorest people as tax evasion is known to be one of the principle catalysts for poverty in various nations throughout the world. Tax evasion is, of course, a crime which cannot be ignored despite many people's inclination that it is a victimless crime. This is far removed from the truth of the situation, however, as much research points to the global impact that tax evasion has when it comes to poverty. Tax evasion is often quite complex and, in many cases, inadvertent but there is considerable concern about the number of people, particularly high profile individuals, who are choosing to store large portions of the wealth in locations where it won't be subjected to taxation. The lost revenue from this tax evasion or avoidance has more wide reaching consequences for the global economy as a whole.

Tax Evasion – Disclosing Tax Evasion

There have been a number of high profile cases of tax evasion involving celebrities of late, such as Wesley Snipes receiving a custodial sentence for his significant levels of tax evasion. According to the report in the Belfast Telegraph, the accusations being levelled at Bono pertain to tax avoidance as opposed to tax evasion and relate to the belief that the singer has moved some of his wealth to a tax haven based in the Netherlands. Speaking to the Belfast Telegraph, Nessa Ni Chasaide of DDCI, stated, “We wanted to raise our concern that while Bono has championed the cause of fighting poverty and injustice in the impoverished world, the fact is that his band has moved part of its business to a tax shelter in the Netherlands. Tax avoidance and tax evasion costs the impoverished world at least 160 million US dollars every year. This is money urgently required to bring people out of poverty.”

Tax Evasion – Helping Countries in Needs

According Tax evasion is far from a victimless crime and the sooner this misnomer is addressed, the better. Speaking to the Belfast Telegraph, Andy Storey of Afri, states “Lost taxes in impoverished countries far outweigh what they receive from rich countries in aid. There are trillions of dollars stashed in tax havens. If that money was taxed in the countries where it was earned, governments would have their own resources to improve the lives of their people.”

Looking for a Tax Evasion Expert? Speak to Gilbert Tax

If you believe that you may have incurred a tax liability through unqualified tax avoidance or potential tax evasion, now is the time to get in contact with Gilbert Tax. Conflicts with Inland Revenue and HMRC, both potential and existing, can almost always be successfully resolved. Taking a proactive stance in overcoming tax difficulties is of imperative importance. At Gilbert Tax, we are non-judgemental. The terms and conditions of your tax difficulties are not important, as our job is to simply assist you in dealing with them. Let Gilbert Tax lift the burden and worry of dealing with Inland Revenue from your shoulders. We are available by phone on 0800 734 3333 and by email at scott.gilbert@gilberttax.co.uk

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