More on Mr Bono
An article in this week's International Herald Tribune records that Mr Bono and his colleagues justify their actions on the basis of efficiency: "Of course we're trying to be tax efficient. Who doesn't want to be tax efficient?"
Whenever the term efficiency is used in a financial or economic sense it needs careful deconstruction to understand its meaning in the particular context. In the case of tax it invariably means that one party ends up paying less tax, whilst others have to pay more to make up the loss of government revenue or suffer from declining public services. Of course, the rich, like Mr Bono and his colleagues, can afford to pay corrupt lawyers and accountants to set up tax efficient schemes. How stupid of the poor to not be tax efficient. Small wonder they stay poor.
Mr Bono and his tax advisers should not be allowed to get away with their feeble excuses. They avoided tax because they are greedy and selfish. In Bono-speak, efficiency had f**k all to do with it.
PS I'm delighted to see that Nick Cohen gives Mr Bono short shrift in today's Observer. Many of my African colleagues are indignant about his claim to speak on behalf of Africa. As Nick says: "it is suprising that the rest of the world continues to take (him) seriously."