Musicians Might Not Be Able To Avoid Paying Taxes For Long

U2 is one of the most well-known bands in Ireland and they are currently worth £569 million. The higher these musicians earn, the higher their taxes as well. It is important that they pay their taxes because even the smallest businesses pay their taxes due. For example, small businesses and entities are required to have VA tax ID in order to be recognized by the IRS. This is required to legally operate within the United States. The same rule applies in other countries including Ireland and United Kingdom.

The current earnings by U2 is even higher by £21 compared to the previous year. They now hold the third spot on the richest musicians list in Ireland and United Kingdom. This is all thanks to their marketing strategy wherein fans can purchase their new album along with the concert ticket for this year’s tour.

By the end of the tour, their worth will surely go up once more. It was only last week when they started their tour within the United States and will continue to tour the country until July of this year. From August, the tour will commence in Europe.

If one is to look at it closely, their know how to maximize their tax payment by allowing it to go through other nations. This loophole might not continue to be a convenience for the band as it is reported that it will no longer be an available legal option for U2. This is all thanks to Netherlands planning to change its tax system to improve its reputation. The Netherlands is where the most musicians including U2 are processing their royalty payments received from tours as well as records.

As of writing, the richest musician in United Kingdom and Ireland is Sir Paul McCartney together with Nancy Shevell. The two has an estimated worth of £820 million. Second spot is taken by Lord Lloyd-Webber with £740 million while U2 takes the third spot. Fourth is Sir Elton John and fifth is Sir Mick Jagger.

In the case of United States, musicians are also taxed based on their earnings from concerts, performances and albums sold. It is only fair that musicians are required to have VA tax ID because they are earning much more than small businesses in the local level.