Dr. Dre’s Beats Electronics Companies Seek Tax Refuge in Ireland
Super producer Dr. Dre is reportedly trying to hang onto as much of that hard earned cash as possible by seeking tax shelter in Ireland. Recently named the highest paid musician of 2012, Dre has based three of his companies out of Ireland in order to help reduce tax liability.
The Irish Examiner reports that the three companies are located in Clonakilty, County Cork, with an overseeing company called O'Mahony Donnelly, which allows him to take advantage of the tax breaks of Ireland's low corporate rate.
The "Forgot About Dre" hitmaker has apparently not forgotten that there are ways to get around U.S. tax policies, and he's not the only one. The founder of the Irish firm, Mr. O'Mahony said that a lot of companies are seeking refuge in Ireland.
"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," O'Mahony said.
The Irish-based Beats Electronics Holding Ltd. owns Beats Electronics Services Ltd. and Beats Electronics International Ltd., but the overall parent company is still based in California. Ever since the producer started his Beats by Dre headphones line, the company has expanded rapidly. 'O'Mahony said that his firm has established a niche with multinational companies like Dr. Dre's Beats by Dre line.
"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," he said.
Maybe Dr. Dre's savvy business practices are a bigger contributing factor to his rise to the top of Forbes' list -- either way those headphones are nuthin' but a G thing whether worn in Ireland or America.
Watch Dr. Dre's "Forgot About Dre" Video