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Finland eyes raising taxes on miners

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Finland eyes raising taxes on miners

The government of Finland is considering raising levies and tax premiums paid by miners as it seeks to tighten regulations following discussions over the impact of extraction activities, The Helsinki Times reported Jan. 3, citing Minister for Economic Affairs Mika Lintilä.

Lintilä said the aim of amending the Mining Act is to reduce the environmental harm caused by mining companies and to extract more revenues from them.

This also comes as a result of local media reports that Dragon Mining Ltd., one of the biggest companies operating in the country, told the Hong Kong Stock Exchange that any legal complaints made against it would have a minimal effect on its operations as its gold mines will get clearance before the state can respond to the complaints.

The changes are expected to be discussed in the parliament in the coming months.

Finland is reputed for its friendly regulatory environment due to low regulation and taxes, especially compared to its European counterparts, making it one of the world's top mining destinations, particularly for gold, according to the report.