U2 have come under fire from Irish politicians following reports the rockers have transferred part of their publishing company to a Dutch finance firm in a bid to lower their tax bills.

The ELEVATION stars allegedly took the decision to move a portion of U2 Limited to the Netherlands company - which is also used by THE ROLLING STONES - after the Irish government placed a 250,000 euro ($321,000/GBP170,000) limit on tax-free incomes, British newspapers are reporting.

The cap was announced last December (05), and brought to an end to the tax exemption on royalties which benefitted Irish recording artists. The Irish Labour Party’s finance spokesperson JOAN BURTON says, "Having listened to BONO on the necessity for the Irish government to give more money to Ireland Aid… I am surprised that U2 are not prepared to contribute to the exchequer on a fair basis along with the bulk of taxpayers."

- Contactmusic 

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