Business

Patrick Drahi’s strategy for not paying taxes on his artwork

A battalion of tax consultants, presumably backdated contracts and entrance firms within the Caribbean. This is the aspect of the operation that permits Patrick Drahi to keep away from paying a single euro tax on the sale of his huge assortment of artworks, price at the very least 750 million euros. Aggressive tax optimization, on the restrict of validity, in line with the survey the world and Swiss journal Heidi.News.

Read extra: Behind the Patrick Draher Foundation, work that is not at all times charity

The emails, gross sales contracts, inside memos and spreadsheets that assist piece collectively the story are amongst many confidential paperwork stolen by the cybercriminal group Hive in a hack concentrating on Patrick Drahi’s holding firm, Altice, and printed on-line in August after an unfulfilled ransom demand. It occurred the world Public curiosity has chosen to take advantage of these knowledge regardless of their felony origins This doc, already talked about by the positioning Reflets.dataIndeed revelations from the media and telecoms magnate – France’s eleventh fortune in line with the journal the problem and house owners of BFM-TV and SFR – tax practices that increase questions relating to European rules.

The story begins at 5, rue Eugène-Rupert, Luxembourg City. This small, soulless enterprise middle housed the monetary middle of the Drahi empire. At the identical deal with, there are dozens of mailboxes: on the one hand, holding firms of the Altis group (media, telecom); On the opposite hand, the corporate carries the non-public funding of its founder Patrick Drahi. One of them, often called “Before SA”, till just lately held a portfolio of greater than 200 artworks that might take advantage of prestigious museums resentful: 5 Picassos, eleven Magrittes, eight Chagalls, a Modigliani, a Bacon triptych, two Rodin sculptures and Many sculptures by Giacometti…

“Luxlicks” is a game-changer

Fortunately, these items of treasure have been not displayed on the partitions of 5, rue Eugène-Ruppert, just lately affected by water harm: they have been saved in a secure place, in personal homes, within the Geneva free port or in warehouses. Sotheby’s public sale home, purchased by Mr Drahi in 2019. By holding his assortment by way of a Luxembourg firm, the Swiss resident, the billionaire, advantages from a good tax regime, in order that he can count on to pay no tax on capital positive factors when he sells a part of it, to a purchaser or his kids. close to

However, this hope light when the European Union (EU) adopted the “ATAD 2” directive in 2017. The textual content, born after the “LuxLeaks” scandal, goals to severely restrict the tax optimization prospects provided by European tax havens equivalent to Luxembourg or the Netherlands. Specifically, it restricts the usage of sure tax deduction gadgets, and specifically “CPEC”, the hybrid monetary instrument broadly used throughout the diaspora. As is usually the case, the authorities gave monetary gamers time to adapt: ​​the reform was absolutely applied solely in 1er January 2022. More than sufficient time to discover a fallback answer.

You have 62.55% of this text left to learn. The following is for clients solely.

Leave a Reply

Your email address will not be published. Required fields are marked *