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28/02/2024
Mining News

Finland’s government plans to introduce a new tax on minerals extracted by the mining industry

Finland’s government plans to introduce a new tax on minerals extracted by the mining industry, the Nordic country’s finance ministry said on Tuesday.

Some of the European Union’s greatest known reserves of minerals used for batteries and other products are located in Finland where there are around 40 operational mines producing nickel, zinc, lithium, cobalt and gold among others.

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Finland has thus far not collected taxes on minerals but the government now proposes introducing a royalty of 0.6% on the taxable value of metallic minerals and of 0.2 euros per extracted tonne for other minerals, the ministry said.

With the new tax, the government calculates it could collect annually some 25 million euros ($24.1 million), with 60% of it to be directed to the municipalities where mines are located and 40% to the central government.

“The aim of the tax is to take into account the nature of mining minerals… as non-renewable natural resources and to direct a reasonable compensation for their use to the society,” the ministry said in a statement.

The new tax, pending approval in Finland’s parliament, is planned to take effect from the beginning of 2024, Euronews writes.

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