Bernard Arnault, CEO of LVMH, arrives to attend the opening ceremony of the 142nd Session of the International Olympic Committee on July 22, 2024, in Paris. Fabrice Coffrini/AFP Bernard Arnault, the richest person in France and one of the richest in the world, will have to pay almost €22.5 million in back taxes after a legal dispute that has been going on for years, according to French radio station RFI and the Financial Times newspaper. Arnault is president of the luxury group LVMH, which owns brands such as Louis Vuitton, Christian Dior, Tiffany & Co. and Bulgari. The decision by the Paris Court of Appeal reversed a 2020 ruling that had freed Arnault and his wife from a tax penalty. According to the Financial Times, the charge is related to a payment of around €50 million received by the couple after withdrawing funds from a Belgian company that held shares linked to LVMH.
Billionaire Bernard Arnault, France's richest man, will have to pay €22.5 million in back taxes
Bernard Arnault, CEO of LVMH, arrives to attend the opening ceremony of the 142nd Session of the International Olympic Committee on July 22, 2024, in Paris. Fabrice Coffrini/AFP Bernard Arnault, the richest person in...
According to RFI, the dispute involves how the Arnault family controls its stake in LVMH. Instead of owning shares directly, it uses a structure made up of several holding companies (companies created to manage shares in other companies). The court concluded that €32.18 million of the €50 million received by the couple from the Belgian company should have been treated as taxable income. "LVMH is France's largest corporate taxpayer. The group's general activities also contribute more than 1% of the country's GDP," a spokesperson for Arnault told the Financial Times. "This decision, which reverses both the first instance sentence and a previous decision by the Court of Appeal itself, will be challenged in the Council of State." Who pays more in Brazil? See which states pay the best average salaries From a barrel of beer to a rooster: what passengers forget in app cars
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