A new decision by the Paris Administrative Court has indicated that the global luxury giant LVMH and its chief executive, Bernard Arnault, have been subjected to a tax reassessment of nearly 22.5 million euros.
The billionaire, France’s wealthiest person, and his wife may file an appeal with the Conseil d’État.
In detail, 12.96 million euros of “additional income tax and social security contributions” for 2010 and 9.5 million euros under the wealth tax between 2012 and 2015 are “charged to” Mr. Arnault and his wife, according to this ruling dated July 2.
In December 2020, the Paris Administrative Court had granted the couple’s request for relief from the additional income tax contributions and for the restitution of the wealth tax for 2012-2015.
The Minister of Economy and Finance had asked the Administrative Court of Appeal in November 2023 to overturn a ruling of the Paris Administrative Court from December 2020.
The substance of the case concerned LVMH’s “complex shareholding,” according to the online media L’Informé, which disclosed the administrative justice decision on Saturday.
“The Arnault family is not directly present in the group’s capital, but through a cascade of holdings,” adds L’Informé.
“At the very top of this pyramid sits a Belgian company, Pilinvest,” which allows France’s wealthiest to reduce their tax declarations, according to L’Informé.
