The Finnish Ministry of Finance has launched a public consultation on a proposed mining tax on minerals extracted in Finland. The tax would be a simple and formulaic payment in the nature of a royalty. The taxable value for metals would be based on the annual average of the world market price of each metal ore, while other mined minerals would be taxed based on the amount. The proposed tax rates are 0.6% on the taxable value of the metal contained in ore and 0.2% per ton for mined minerals other than metals. All minerals mined in Finland, as referred to in the Mining Act, would be covered by the tax, with the exception of panned gold. The person liable for the tax would be the one holding a permit for the exploitation of the mined mineral, which would typically be a mining company.
As proposed, the new tax would enter into force on 1 January 2024. The deadline for comment is 17 October 2022.