LVMH is expecting to pay as much as €800 million ($870 million) in additional taxes next year after France announced plans to raise levies on its biggest companies to help shore up public finances.

Speaking during an analyst call Tuesday, LVMH Chief Financial Officer Jean-Jacques Guiony said the additional corporate taxes should range between €700 million and €800 million for the Paris-based company. 

Last week, France unveiled a draft budget that includes higher taxes on businesses and the wealthy in an effort to trim its large debt pile. Under the plans, temporary levies on more than 400 profitable companies with annual revenue of more than €1 billion would generate €8 billion next year and €4 billion in 2026.

Moët Hennessy Louis Vuitton SE pays 4.5% of global corporate taxes in France, and if this increase becomes a reality would be responsible for about 10%, Guiony said. 

That should ease “fears that we are not contributing to the budget effort,” Guiony said. 

The 2025 budget is a crucial part of Prime Minister Michel Barnier’s efforts to restore political and fiscal order after months of volatility and uncertainty sparked by President Emmanuel Macron’s decision to dissolve the National Assembly and call snap elections.

Speaking on Sunday, Stellantis NV Chief Executive Officer Carlos Tavares predicted that French plans to hike corporate taxes will hurt investment.