Dr. Dre has done that all wealthy people. Notice we said “Wealthy” not “Rich”. Once you reach a certain tax bracket you have to make these types of moves to keep must of your earnings. It appears Dre has learned a lot running with Jimmy Iovine.
Dr. Dre had established three of his companies in Ireland in order to take advantage of their corporate tax rate.
The music mogul and famed producer has seen a lot of success from his headphones line Beats By Dre. The empire from which the headphones stem, Beats Electronic, has now establishedÂ three different companies inÂ Clonakilty, Co Cork toÂ utilizeÂ the corporate tax rate offered there. This will help reduce his taxÂ liability, as the Irish Examiner reports.
The three business have a shared address withÂ Oâ€™Mahony Donnelly accountants, who commented on helping out businessmen like Dr. Dre, “Since I established Oâ€™Mahony Donnelly here in 2000 weâ€™ve worked with a number of multinational corporations to get them set up in Ireland. This has become a great niche for our firm.” Although he declined to comment specifically on Dr. Dre’s endeavors, he did add,Â “The low corporate tax rate is a big factor in attracting companies to set up in Ireland, but there are many other reasons.”
Dr. Dre is definitelyÂ taking very care of his finances and the business that gives him the most cash.Â HeÂ was recently named Forbes’ highest paid musician of 2012, raking in $110 million this year, mainly due to Beats By Dre.