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 of equity committed to the electricity business. Small electricity businesses and clean electricity retailers are excluded from the tax. The tax applies in addition to the income tax paid on company profits and is not...