Finland prepares windfall tax on energy companies

Finland's government is preparing to introduce a new temporary tax on excessive profits of energy companies, Finance Minister Annika Saarikko said late on Wednesday. In September, EU countries agreed to back levies on energy companies' windfall profits resulting from Europe's energy market crunch but left it for individual member countries to decide how to implement the taxation.

Finland's government is preparing to introduce a new temporary tax on excessive profits of energy companies, Finance Minister Annika Saarikko said late on Wednesday.

In September, EU countries agreed to back levies on energy companies' windfall profits resulting from Europe's energy market crunch but left it for individual member countries to decide how to implement the taxation. Finland's plan is to introduce an additional tax on energy profits temporarily for a year, Saarikko said, describing it as similar to a windfall tax in an interview with local news outlet Uutisssuomalainen.

"Our goal is to enforce a temporary additional tax on electricity profits at the turn of the year," Saarikko wrote on Twitter. She gave no details on the tax but said the finance ministry was working on it.