France has ordered Bernard Arnault, the country’s richest man, to pay €22.5mn of back taxes after a years-long legal battle.
Arnault and his wife should have paid tax on most of a €50mn payment they received after taking money out of a Belgian holding company that held shares related to luxury giant LVMH, an administrative court ruled on Thursday. In successive court cases since 2020, Arnault contested the arguments made by the tax authorities and had prevailed twice before this reversal. A spokesman for him said he would again appeal.
The ruling was first reported by media outlet l’Informé on Saturday.
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