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.
Related Posts
On 16 April 2024, the Finnish government declared its public finance plan for 2025 to 2028. The finance plan includes specific tax reforms focused on enhancing the sustainability of public finances. These measures include: Raising the VAT
Read More
On 23 January 2024 the IMF issued a report following discussions with Finland under Article IV of the IMF’s articles of agreement. The report notes that although Finland’s economy recovered quickly from the pandemic, the war in Ukraine has
Read More
On 28 December 2023, Finland's Ministry of Finance declared that it passed the bill HE 77/2023 vp. This bill enacts the implementation of the Pillar 2 global minimum tax by Council Directive (EU) 2022/2523 of 14 December 2022. On 19 October 2023,
Read More On 19 October 2023, the Government of Finland formally introduced domestic legislation in parliament for implementing the European Union’s (EU) Minimum Tax Directive-Pillar 2. According to this directive, large multinational (MNE) groups must pay
Read More On 15 August 2023, the Finnish Ministry of Finance initiated a consultation regarding Draft Bill No. VM036:00/2023, which aims to implement the Pillar 2 global minimum tax in alignment with Council Directive (EU) 2022/2523. This bill includes the
Read More 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
Read More
