France’s Richest Man Hit With €22 Million Tax Assessment Bernard Arnault, Europe's richest person and CEO of LVMH, has been ordered to pay a €22 million tax bill by the Paris administrative court of appeal.
The massive fine stems from LVMH's complex shareholding structure, which allowed the company to pay significantly less in taxes than its actual value would warrant.
The ruling marks another step in France's long running efforts to collect a fair share of LVMH's wealth. In recent years, European governments have cracked down on tax avoidance schemes used by large corporations.