In its latest set of accounts, LVMH said it paid more than €6bn in corporate tax worldwide in 2023, of which half was in France.
France is plotting a tax raid after recent figures revealed the country’s deficit is expected to reach 6pc of economic output in 2024. At the start of the year, it had forecast it would hit 4.4pc.
Mr Barnier, who was appointed by Emmanuel Macron, the French president, over the summer amid political gridlock following the election, said this meant the target for bringing France’s deficit to 3pc would have to be delayed from 2027 until 2029.
Analysts at Dutch bank ING previously suggested hitting this target would be “virtually impossible” as it would require savings of €110bn. The draft budget unveiled by the French government last week signalled plans for €60.6bn worth of spending cuts and tax rises.
The plans to raise more income from large corporations have prompted a backlash from some senior business leaders.
Over the weekend, Carlos Tavares, the chief executive of Vauxhall owner Stellantis, said the plans to increase corporate taxes would hurt investment.
He said: “We are doing a short-term choice that will penalise the medium term.”
Mr Tavares also raised concerns over taxing wealthier individuals more, saying it would have a “perverse effect” and cause the most skilled people to leave.