On March 3, 2023, the Finnish President signed the Mining Minerals Tax Act (HE 281/2022) introducing a new mining tax on minerals mined in Finland with effect from 1 January 2024.
The procedural rules that will be applied to the taxation of mined minerals are primarily those of excise taxation and self-assessed taxes. The purpose of the tax is to guarantee a reasonable compensation to society for the extraction of non-renewable natural resources.
The tax must be paid on minerals mined in Finland that are referred to in the Mining Act, excluding minerals found as a result of gold panning. The tax for silver, cobalt, chromium, gold, copper, lithium, nickel, palladium, platinum, zinc, lead, and uranium is 0.6% of the taxable value of their metal content. The Tax Administration confirms the taxable values for each year at the beginning of the calendar year based on the previous year’s prices. The price details are defined by a Government Decree. The tax for other mined minerals is €0.20 per tonne of mined ore or industrial mineral.
