Bernard Arnault, CEO of luxury conglomerate LVMH, and his wife have been assessed nearly €22.5 million ($25.7 million) in additional taxes by the Paris administrative court of appeal, according to a decision published on July 2. The assessment includes €12.96 million for 2010 and €9.5 million related to France’s wealth solidarity tax for 2012 through 2015, AFP reported via fortune.com.
The court ruling covers additional contributions such as taxes, social contributions, surcharges, and late payment interest. The case centers on the complex shareholding structure of LVMH Moët Hennessy Louis Vuitton SE. During the investigation, French authorities sought assistance from Luxembourg and the Bahamas. Arnault’s spokesperson confirmed the ruling will be appealed to the Council of State, according to fortune.com.
Arnault is France’s richest person and Europe’s wealthiest individual, ranking eighth globally with an estimated net worth of $165 billion, per the Bloomberg Billionaires Index. The tax assessment highlights ongoing scrutiny of high-net-worth individuals’ tax arrangements in Europe. The case reflects broader efforts by French authorities to address tax compliance among ultra-wealthy taxpayers with complex international holdings.
The Paris administrative court’s decision was published on July 2, and Arnault’s legal team has announced plans to appeal to the Council of State, France’s highest administrative court, as reported by fortune.com.