Thanks to the sponsorship for its Vuitton Foundation, LVMH has saved 518 million euros in taxes over ten years

Thanks to the sponsorship for its Vuitton Foundation, LVMH has saved 518 million euros in taxes over ten years

The taste of luxury.

We are happy for the LVMH group of Bernard Arnault, who managed to reduce his taxes by 518.1 million euros between 2007 and 2017 for the sums paid to the Louis Vuitton Foundation (photo AFP), according to a report by the Court of Auditors on patronage. And while the sponsorship is supposed to be disinterested, the Court notes that "The real benefit is the Foundation's contribution in terms of image to the group and its main brand". In short, the community will have mainly helped LVMH to revamp its brand image through the arts. It is the socialism in fashion Bernard Arnault.

In 2003, France set up a tax system for corporate philanthropy "Among the most generous on the international level", according to the Court, which calls for "Better supervise" these measures. It notes that the related tax expenditure has increased tenfold since that date and currently exceeds € 900 million per year. The use of this tax benefit, which allows 60% of corporate tax deductions to be deducted directly, is highly concentrated since 24 companies accounted for 44% of the tax expenditure in 2016.