On 23 March 2023, Finnish President Sauli Niinistö signed the Act on Temporary Profit Taxes in the Electricity and Fossil Fuels Sectors (HE 320/2022) into law. The temporary taxes generally apply for the tax year 2023.

For electricity companies, the temporary tax is equal to 30% on a company's profit from the electricity business to the extent exceeding a 10% return calculated on the amount o…