Skip to main content
Home

Main navigation

  • Top stories
  • Health
  • Crime
  • Politics
  • Business
  • Tech
  • Culture
  • Sports
  • Weird
  • 1-1-2
Image
2005-11-21_U2_@_MSG_by_ZG
- Credit: U2 (Picture: Wikimedia Commons/Wikipedia brown )
Business
Crime
Panama Papers
Jan Favié
Promogroup B.V.
U2 Limited
The Rolling Stones
U2
tax evasion
Investigative Commission
shell company
letterbox company
CDA
Groenlinks
Tom van der Lee
Chris van Dam
Monday, 12 June 2017 - 15:10
Share this:
  • facebook
  • twitter
  • linkedin
  • whatsapp
  • reddit

Rolling Stones, U2 management deny tax evasion via Dutch shell companies

Rock bands The Rolling Stones and U2 don't have offices in the Netherlands for tax-evasion purposes, but because of the "specific experience and expertise" the country has to offer, their management said to an investigative committee on Monday, NU.nl reports.

Jan Favié is talking to an investigating committee, consisting of six Dutch parliamentarians, on Monday as part of the investigation into the Panama Papers. Favié is the director of Promogroup B.V. and U2 Limited, the companies that respectively manage the rights of The Rolling Stones and U2. 

Favié vehemently denied that the two world famous rock bands settled in the Netherlands to pay as little tax as possible. "There are two certainties in life: death and taxes. Both can't be avoided", he said, adding that both Promogroup and U2 limited paid profit tax in the Netherlands. 

He also denied the suggestion that he is in charge of a shell company - a company with little economic activity. "The problem is that there is no good definition for shell companies. They are target companies that are managed by a trust office. We're not that. I also had to explain that to the ladies in our office, they also didn't understand", he said. 

Favié seemed to be working on the committee members' nerves a few hours into the the questioning. When Favié tried to again explain his work in Amsterdam two hours in, CDA committee member Chris van Dam could not hold himself in. "You are deliberately sailing around the questions", he snapped, according to NU.nl.

GroenLinks committee member Tom van der Lee also explained that Favié's companies make use of a so-called double nothing deduction - which means not paying tax on an amount up to two times by using fiscal laws and regulations, according to the newspaper. "A classic example of evasion", Van deer Lee said. 

Follow us:

Latest stories

  • Meppel accident victims all come from De Wolden, police confirm
  • Farmers block entrance of ice cream factory run by D66 MP and father
  • Four minors arrested after Oost-Souburg stabbing of 17-year-old boy
  • Dangerous farmers' protests may have been organized beforehand, police say
  • Dutch Central Bank and province of Noord-Holland apologize for historic roles in slavery
  • Schiphol and Eindhoven Airport prepare for farmer protests, traffic blockades

Top stories

  • Dutch Central Bank and province of Noord-Holland apologize for historic roles in slavery
  • Schiphol and Eindhoven Airport prepare for farmer protests, traffic blockades
  • Fmr. Dutch national football coach accuses colleagues of rape
  • Five young children seriously injured in head-on crash
  • Many new rules in effect from July 1 in the Netherlands
  • Cabinet wants to ban protests in front of politicians’ homes after farmers incidents

© 2012-2022, NL Times, All rights reserved.

Footer menu

  • Privacy
  • Contact
  • Partner content