Dr. Dre’s Beats Electronics has set up in Ireland to lower tax liability through the country’s corporate tax rate.
From the Irish Examiner, Dr. Dre has put together three separate companies including Beats Electronics Services Ltd and Beats Electronics International Ltd. in Clonakilty, Co Cork. The companies have the same address as O’Mahony Donnelly accountants, who said how they aid 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 permits 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 went a similar route with their publishing company back in 2006.