Rapper Dr Dre sets up tax base in Clonakilty
By Proinsias O’Mahony
GANGSTA rapper Dr Dre, the world’s highest-paid musician in 2012, has set up a tax base in Clonakilty.
Most of the musician’s $110 million (€84 million) 2012 earnings came from his headphones business, Beats by Dre. Three subsidiaries – Beats Electronics Holding Ltd, Beats Electronics International and Beats Electronics Services – have their registered offices at 10 McCurtain Hill, Clonakilty, the address of O’Mahony Donnelly accountants.
Dr Dre, 47, rose to prominence in the late 1980s through his involvement with Niggaz Wit Attitudes (NWA), the controversial rap group known for the explicit nature of their lyrics. He went on to record multi-million selling hits of his own and later established his own record label, which signed rap artists such as Eminem and 50 Cent.
He set up his headphones brand in 2008. The sale of a 51% stake in this headphones business made him the top-earning musician of 2012, according to US business magazine Forbes.
O’Mahony Donnelly accountants is run by husband and wife Michael O’Mahony and Ann Donnelly. Mr O’Mahony told The Irish Examiner that Ireland’s low corporate tax rate is a ‘big factor’ in attracting companies to set up in the country, adding that ‘there are many other reasons’.
Since establishing O’Mahony Donnelly in 2000, he said, the Clonakilty firm has worked with a number of multinational corporations to get them set up in Ireland. ‘We are active in a network of international business advisers that brings us clients looking to do business here’, said Mr O’Mahony. ‘We like the challenges and diversity this niche bring to our firm.’