On 23 March 2023, Finnish President signed a law introducing temporary excess profit taxes on electricity and fossil fuel companies. The temporary taxes generally apply for the tax year 2023.
Under the law, an additional 30 % profit tax will be imposed on electricity companies and an additional 33 % profit tax will be charged on companies in the fossil fuel sector on top of the standard 20% corporate tax rate. The Act came into force on 24 March 2023.
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