Finland’s government plans to introduce a new tax on minerals for batteries extracted by the mining industry, the Nordic country’s finance ministry said, according to Reuters.
Some of the European Union’s largest known reserves of minerals used for batteries and other products are located in Finland. There are around 40 operational mines producing nickel, zinc, lithium, cobalt and gold among others.
The new proposal is for the introduction of a royalty of 0.6% on the taxable value of metallic minerals and of €0.2 per extracted tonne for other minerals, the ministry said.
With the new tax, the government calculates it could collect annually some €25 million ($24 million) – 60% of it would be directed to the municipalities where mines are located and the rest to the central government.
The tax requires approval in Finland’s parliament and is planned to take effect from 2024.
Earlier this month, the Ministry of Economic Affairs and Employment said the government proposed amendments to the Mining Act. The amendments would improve the opportunities of influence among local residents and environmental considerations.
Stricter regulation would reduce the number of unreliable operators in the sector, which also benefits those who comply with the rules, it said. A reservation fee would discourage operators from reserving unnecessarily large exploration areas.
