business
Bernard Arnault and Wife Ordered to Pay €22.5 Million in Additional Taxes
A Paris court ruled that LVMH chief executive Bernard Arnault and his wife owe nearly €22.5 million in back taxes and related charges for 2010 and 2012-2015. The decision was published July 2 and will be appealed.
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Bernard Arnault, chief executive of LVMH, and his wife have been ordered to pay nearly €22.5 million in additional taxes and contributions, Fortune reported. The Paris administrative court of appeal ruled that the couple owes €12.96 million for 2010, covering taxes, social contributions, surcharges and late payment interest.
They must also pay €9.5 million related to France’s wealth solidarity tax for the years 2012 through 2015.
The decision was published on July 2 on the website of the administrative body. A spokesman for Arnault told AFP on Saturday that the ruling will be appealed to the Council of State. Arnault is France’s and Europe’s richest person and currently the eighth richest in the world, with a net worth of about $165 billion, according to the Bloomberg Billionaires Index.
The case centers on the complex shareholding of LVMH Moët Hennessy Louis Vuitton SE. During the investigation, France requested assistance from Luxembourg and the Bahamas, according to the court decision.
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