According to the Timesonline.co.uk article on 8-27-06:
The man who guaranteed their continuation in the 1990s was not the same person who rescued them in the 1970s. By now, all of Prince Rupert’s arrangements were in place and doing a fine job at protecting the Stones’ income from predatory tax authorities. In 1972, he had set up a company based in Amsterdam, Promogroup, into which all their royalties from record sales, airplay and song publishing would from now on be paid.
Although Holland is hardly known as a tax haven, Loewenstein had discovered that it is unusually lenient on royalties. Accounts made public this month revealed that the Stones paid less than £4m on income of £240m received via Promogroup since 1986. The lion’s share went to Jagger and Richards, the men credited with writing all of the group’s songs and the only two who are actually contracted to the Stones’ record company, Virgin/EMI. Ronnie Wood is technically an employee, not a band member. Following years of lobbying by his mate Keith, Ronnie is now said to get the same whack from their concert revenues as the others.
.......the direct link to the article is: [
www.timesonline.co.uk]
Edited 1 time(s). Last edit at 2006-08-29 01:40 by Rip This.