U2 were criticised in 2007 for moving part of their multimillion-euro song catalogue from Ireland to Amsterdam six months before Ireland ended a tax exemption on musicians' royalties. Under Dutch tax law, bands are subject to low to non-existent tax rates. U2 manager Paul McGuinness stated that the arrangement was legal and customary and businesses often sought to minimise their tax burdens. The move prompted criticisms in the Irish parliament. The band later responded by stating that approximately 95% of their business took place outside Ireland, and that they were taxed globally because of this. Bono was one of several wealthy figures whose tax arrangements were singled out for criticism in a report by the charity Christian Aid in 2008.
In an article in Bloomberg Markets in March 2007, journalists Richard Tomlinson and Fergal O'Brien noted that Bono used his band's 2006 Vertigo world tour to promote his ONE Campaign while at the same time "U2 was racking up $389 million in gross ticket receipts, making Vertigo the second-most lucrative tour of all time, according to Billboard magazine ... Revenue from the Vertigo tour is funnelled through companies that are mostly registered in Ireland and structured to minimise taxes."
Further criticism came in November 2007, when Bono's various charity campaigns were targeted by Jobs Selasie, head of African Aid Action. Selasie claimed that these charities had increased corruption and dependency in Africa because they failed to work with African entrepreneurs and grassroots organisations, and as a result, Africa has become more dependent on international handouts. Bono responded to his critics in Times Online on 19 February 2006, calling them "cranks carping from the sidelines. A lot of them wouldn't know what to do if they were on the field. They're the party who will always be in opposition so they'll never have to take responsibility for decisions because they know they'll never be able to implement them."
In May 2007, MTV reported that Bono was writing the foreword for a collection of poetry entitled Third Rail. The book's foreword details the meanings of its poetry, stating "The poets who fill the pews here have come to testify, to bear witness to the mysterious power of rock and roll...Rock and roll is truly a broad church, but each lights a candle to their vision of what it is." The collection, edited by poet Jonathan Wells, contains titles such as "Punk Rock You're My Big Crybaby" by Allen Ginsberg, "Variation on a Theme by Whitesnake" by Dan Hoy, and "Vince Neil Meets Josh in a Chinese Restaurant in Malibu (After Ezra Pound)" by Josh Bell.
Bono was among those cited in the Paradise Papers after he was named as a passive minority investor in Nude Estates, which bought a shopping mall in Lithuania in 2007 and transferred ownership to Nude Estates 1 in Guernsey in an apparent attempt to avoid tax. Bono welcomed the subsequent investigation by the Lithuanian tax authority, stating that he welcomed transparency and had personally campaigned for it. Nude Estates paid €53,000 in taxes and fines after the investigation was completed and Bono severed ties with the company.
In November 2007, Bono was honoured by NBC Nightly News as someone "making a difference" in the world. He and anchor Brian Williams had travelled to Africa in May 2007 to showcase the humanitarian crisis on the continent. Bono also received the NAACP Image Award's chairman's Award in 2007. On 24 May 2007, the National Constitution Center in Philadelphia announced that Bono would receive the Philadelphia Liberty Medal on 27 September 2007 for his work to end world poverty and hunger. While accepting the Liberty Medal, Bono said, "When you are trapped by poverty, you are not free. When trade laws prevent you from selling the food you grew, you are not free ... When you are a monk in Burma this very week, barred from entering a temple because of your gospel of peace ... well, then none of us are truly free". Bono donated the $100,000 prize to the DATA organisation; Ngozi Okonjo-Iweala accepted the prize on DATA's behalf.
In 2007, Bono was named in the UK's New Years Honours List as an honorary Knight Commander of the Order of the British Empire. He was formally granted knighthood on 29 March 2007 in a ceremony at the residence of British Ambassador David Reddaway in Dublin, Ireland. On 11 December 2008, Bono was given the annual Man of Peace prize, awarded by several Nobel Peace Prize laureates in Paris, France.