U2 manager Paul McGuinness has defended the band's decision to move part of its business to the Netherlands in order to pay less tax.
"The reality is that U2's business is 90 per cent conducted around the world. Ninety per cent of our tickets and 98 per cent of our records are sold outside of Ireland," Mr McGuinness said.
"It's (Ireland) where we live and where we work and where we employ a lot of people. But we pay taxes all over the world - of many different kinds. And like any other business, we're perfectly entitled to minimise the tax we pay."
The comments were made during an interview carried in the current issue of Hot Press magazine.
It was reported last month that U2 had moved part of their multi-million euro business empire out of Ireland to avoid tax.
Government and Opposition politicians criticised the decision, taken after a cap of €250,000 on the tax-free incomes allowed to artists was introduced in the last budget by Minister for Finance Brian Cowen. "This measure will help eliminate the phenomenon of tax-free millionaires," Mr Cowen said at the time.
U2 have reportedly moved their music publishing business, into which their tax-free royalties were paid, to the Netherlands, where they have been able to avail of a tax rate close to zero on their royalty earnings.
However, the band will remain resident in Ireland and their business will continue to be conducted from here in spite of their changed tax status.
