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Dr Dre sets up his 'tax haven' here

RAPPER Dr Dre is the latest global media icon to set up a tax base here to avail of Ireland's "tax haven" benefits.

The Co Cork town of Clonakilty is better known for black puddings than hip hop, but it has emerged as the unlikely base for three companies in the rapper's headphones business.

Gangsta rap pioneer Dr Dre, who earned €86m in 2011-12, has based three of his companies in Co Cork to avail of our generous corporate tax rate.



Eminem

Dre's Beats group includes three Irish companies, all with the same registered office in the west Cork town.

According to documents filed with the Companies Office, Beats Electronics Services, Beats Electronics International and Beats Electronics Holding Ltd have their offices at an accountancy firm in Clonakilty.

The three companies share a mix of Irish and US-based directors, but have no known presence on the ground here.

The American superstar, who helped launch the careers of Eminem and 50 Cent, is known for multi million selling hits like Nuthin' But A G Thang, I Need A Doctor, Still D.R.E, and California Love.

Last week he topped the highest paid musicians of 2012 list, compiled by Forbes.

The biggest part of his earnings came not from his music but from a 51pc stake in his Beats by Dre headphone firm.

Three businesses each share their address with O'Mahony Donnelly accountants, run by husband and wife Michael O'Mahony and Ann Donnelly.

Mr O'Mahony said that helping clients like Dr Dre had become a niche markets.

"Since I established O'Mahoney 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.

"We are active in a network of international business advisers that brings us clients looking to do business here.

"We like the challenges and diversity this niche bring to our firm."

mlavery@herald.ie


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