Next Generation Partners

Tax in Finland


The ‘very experienced’ tax team at Borenius covers the full spread of tax matters, including disputes, tax-related M&A transactional work for international corporates, and VAT and indirect tax advice. It is also highly regarded for its work in real estate transactions, transfer pricing issues, and day-to-day tax advisory work. Heikki Wahlroos advises clients on venture capital, private equity and M&A tax mandates. Einari Karhu focuses on international tax work, M&A structurings and ‘very sophisticated cross-border transactions’. Janne Juusela left the practice in 2023.

Practice head(s):

Heikki Wahlroos; Einari Karhu


The team is very experienced with full knowledge of the matters under their responsibility. They think out of the box and are a real pleasure to work with.’

Einari Karhu is a fantastic professional, capable in dealing with very sophisticated cross-border transactions.’

Good tax litigation skills, excellent availability, great communication skills to a big group of clients.’

Great service, responsive lawyers, good all round team with strength in depth.’

Key clients

Nokian Tyres plc


CapMan plc

Morgan Stanley Real Estate Investing

Intera Partners Buyout Funds

Agnico Eagle

Aberdeen Standard Investments

Fortum plc

Rettig Group

Work highlights

  • Advised Peab and Annehem Fastigheter in connection with the carve-out and listing of Annehem on Nasdaq Stockholm. The carve-out included complex Finnish tax questions related to income taxation and transfer taxation.
  • Advised Suzano on structuring, drafting and implementing its JV arrangement with Finnish technology company Spinnova aiming to build a production facility of sustainable fibre for textile industry purposes.
  • Advised Stockmann plc on tax matters in relation to the restructuring of Stockmann Oyj Abp, a major fashion and home goods retailer listed on the Helsinki Stock Exchange.

Hannes Snellman

Hannes Snellman advises on a broad spectrum of tax matters, especially high-profile tax disputes and litigation proceedings; the team also covers tax-related issues concerning major M&A transactions. Tax team leader Heikki Vesikansa is ‘very thorough in his advice‘, particularly concerning corporate tax planning work and litigation, while indirect tax team head Piia Ahonen is ‘very experienced and theoretically strong in VAT matters’, often acting for key players in the automotive, real estate and energy sectors. Counsel Joakim Frände is a personal tax expert and senior associate and indirect tax specialist Marika Sorsa joined from PricewaterhouseCoopers in April 2021.

Practice head(s):

Heikki Vesikansa; Piia Ahonen

Other key lawyers:

Joakim Frände; Marika Sorsa


Piia Ahonen is very experienced and theoretically strong in VAT matters.’

Heikki Vesikansa is very good and pleasant to work with.’

I like how broad the spectrum of areas covered by this team is. It ranges from customs to the finer points of taxation of individuals. The team is very quick to respond and very clear in its communication.’

Heikki Vesikansa is charismatic and very thorough in his advice while keeping the “big picture” in sight.’

Key clients

Ahlstrom-Munksjö plc

YIT plc

Caverion plc

Fiskars plc

J.P. Morgan Asset Management


Areim AB


City of Espoo


Ilmarinen Mutual Pension Insurance Company

Kesko Oyj

Metso Outotec plc

Ahlstrom-Munksjö plc

Virala Acquisition Company Oyj

Work highlights

  • Advised Virala Acquisition Company Plc on its IPO and the listing of its Class C shares on the SPAC segment of the regulated market of Nasdaq Helsinki.
  • Acted for a major multinational group of companies in a Supreme Administrative Court yearbook case confirming the acceptability of the application of a foreign accounting standard as a basis for transfer pricing, and the level of the arm’s length operating margin.
  • Advised Valmet plc on its merger with Neles plc.


Roschier is highly involved in tax-related cross-border transactions in the Finnish market including M&A, real estate and private equity matters. It also covers complex and high-profile tax disputes related to transfer pricing issues, the applicability of anti-avoidance rules and liability matters. Team head and ‘highly experienced partner‘ Mika Ohtonen covers real estate and private equity tax structuring and planning mandates, while Ossi Haapaniemi ‘stands out with exceptional expertise‘ in tax disputes and cross-border corporate transactions.

Practice head(s):

Mika Ohtonen; Ossi Haapaniemi


Best tax advice in Finland.’

Ossi Haapaniemi stands out with exceptional expertise and knowledge about tax law.’

The cooperation with Roschier was seamless and very well organised. We had a huge capital market transaction and we needed the best team in Finland with broad international experience. Roschier acted as our adviser in a very critical role and in many ways enabling the transaction and managing the related risks. We highly appreciate also being able to spar on strategic topics. Tax advice covered also transaction structuring.

Highly experienced partner Mika Ohtonen was the main tax lawyer on the transaction executed. Mika’s vast experience together with his strategic view was and continues to be an asset for our company.’

Key clients

Pfizer Oy

Esperi Care Group

Nets Holding A/S

Trevian Asset Management

Huhtamäki Oyj

Konecranes Oyj

IK Investment Partners

Nordic Capital

Assa Abloy AB

Ahlström Capital

Stora Enso Oyj

Telia Company

Borealis Group

Bravedo Group


Neles Corporation

Bain Capital


Suomen Autokauppa Oy

Mobidiag Oy

Fortum Oyj

Intera Partners

Work highlights

  • Advised Bain Capital, the lead investor in a consortium, on a recommended public cash tender offer of approximately €2.1bn for Ahlstrom-Munksjö Oyj.
  • Advised Telia Company on the €722m sale of 49% of its tower business in Norway and Finland.
  • Advised Neles Corporation on the merger with Valmet Oyj.

Castrén & Snellman

The ‘proactive‘ tax team at Castrén & Snellman advises on high-value M&A transactions, especially on behalf of major renewable energy companies, private equity houses and transport groups. It also covers complex corporate restructurings and tax litigation. Practice head Sari Laaksonen  is particularly strong in cross-border structurings and transactions, while the ‘highly dedicated and diligentMikko Alakare focuses on direct and indirect tax matters.

Practice head(s):

Sari Laaksonen; Mikko Alakare


We do lot of real estate transactions and often tax issues come up. Castrén & Snellman has always been very proactive in this matter.’

Castrén & Snellman know our practise and whole company structure very well and they can in that way give us very high support.’

The practice has always provided first class legal and tax advice on complex structures and proved highly competent, agile, dedicated and reliable.

Mikko Alakare has been the partner in charge since we started working with Castrén & Snellman’s Tax practice. Mikko is highly dedicated and diligent in his work and demonstrates excellent knowledge of international investment structures and inbound investments in Finland. He is highly experienced especially with view to German investors and has always been our first choice for joint structuring advice. Mikko will always make himself available to discuss his clients’ enquiries, be it fruitful in-depth discussions with partner advisors or more basic explanations on the Finnish tax system and its specific requirements. We trust in Mikko’s expertise and would always recommend him personally to clients wishing to conduct business in Finland.’

Key clients

Evli Bank plc


Grafton Group plc

Mandatum Life

Icecapital real estate private equity funds

Smart Windpower Oy, Mincovest Oy, GE Energy, LLC

Audico Systems Ltd

Alexandria Financial Services


Sodexo Pass International SAS

Aktia Bank

OP Financial Group

Sagax Finland Asset Management Oy

Coutue Management and DST Global


Founders of Paimio Sanatorium foundation

OP-Public Services Real Estate Fund

Vantaa Energy, Infranode and Keva

Work highlights

  • Advised Evli Bank plc on an arrangement between Evli and Fellow Finance plc in which Evli will demerge into New Evli, an asset management group that will be listed, and into a company that will carry on Evli’s banking services and into which Fellow Finance will merge.
  • Acted for Icecapital Securities Ltd real estate private equity funds and the owner-entrepreneurs in a long-term tax dispute in which the Finnish Tax Administration sought to tax dividends received by the owner-entrepreneurs as earned income mainly on the grounds that part of the income of the companies took the form of carried interest from the funds.
  • Advised a consortium consisting of Vantaa Energy, Infranode and Keva on its acquisition of Fortum’s district heating business in the Järvenpää-Tuusula region of Finland.

Dittmar & Indrenius

Dittmar & Indrenius focuses on complex tax litigation, tax planning issues, day-to-day tax advisory work, and tax-related M&A transactional advice. The team is particularly strong in cross-border tax structurings and transfer pricing assignments, as well as representing clients in tax litigation before the Supreme Administrative Court. Tax team head Kai Holkeri deals primarily with tax structuring issues and the optimisation of M&A transactions, as well as tax disputes.

Practice head(s):

Kai Holkeri


The team is very swift, available and professional.’

Key clients

Aedifica and Hoivatilat Oyj


MB Funds

Garmin Ltd.

Providence Strategic Growth Capital Partners L.L.C.




AMP Capital Investors


AXA Real Estate

Expedia Group


The Association of Finnish Local and Regional Authorities

Aberdeen Standard Capital

Aller Media

Wipunen Asia Capital

Elite Asset Management plc



Work highlights

  • Advised Norvestor on the tax and structuring aspects of the acquisition of a majority stake in PHM Group and Kotikatu.
  • Advised MB Funds on the tax aspects of the sale of Kotkamills Group Oyj to Mayr-Melnhof Group.
  • Advised Aedifica and Hoivatilat Oyj on the tax and structuring aspects of the recent acquisition of two healthcare property portfolios.

Waselius & Wist

Waselius & Wist provides ‘very pragmatic and efficient tax advice‘ to its clients encompassing transactions, structuring issues and tax litigation. Managing partner and practice co-head Niklas Thibblin ‘stands out‘ for his work on cross-border tax matters, including compliance issues and acquisition structurings, while co-head Jouni Weckström is a tax litigation specialist, covering VAT-related litigation and transfer pricing claims.

Practice head(s):

Niklas Thibblin; Jouni Weckström


Very pragmatic and efficient tax advice.’

Niklas Thibblin is easy to work with and has a very extensive network and experience.’

The team circling around Niklas Thibblin forms a coherent whole capable of working together in a highly analytical way focusing on the essence of the matter at hand.’

Niklas Thibblin is a highly intelligent lawyer thinking outside, but not too far outside the box!

Very skilful and service minded.’

Niklas Thibblin stands out with his vast knowledge in and commercial approach to cross-border projects.’

Key clients

NRC Group Finland

Loomis AB

LocalTapiola Finance (LähiTapiola Rahoitus)

Banco Santander

T. Rowe Price

Scania Real Estate Finland Oy, Scania Suomi Oy

Saldo Finance plc

Work highlights

  • Successfully assisted NRC Group Finland in a significant tax ruling process with the Finnish Supreme Administrative Court, relating to subscription of shares by employees in an employer entity.
  • Assisted several T. Rowe Price funds with the reclaim of withholding taxes.
  • Advised LocalTapiola Finance (LähiTapiola Rahoitus Oy) as the originator on its inaugural securitisation of a portfolio of consumer auto HP contracts with deal value of €600m.

Bird & Bird

Bird & Bird is noted for providing global tax coverage to international corporates, especially regarding advising private equity funds on the tax aspects of M&A transactions. The team also covers corporate income tax, VAT and indirect tax mandates, and transfer pricing issues. Sami Tuominen is the head of the tax practice and is highly experienced in tax structuring work, due diligence, and business restructurings. Counsel Ville Alahuhta covers private equity fund tax matters and acquisitions.

Practice head(s):

Sami Tuominen

Other key lawyers:

Ville Alahuhta


We have worked extensively with Ville Alahuhta. He has been exceptionally responsive without sacrificing the superior quality of his work even with large and complex projects.’

Ville Alahuhta from Bird & Bird’s tax team is an exceptionally reliable adviser with whom I find it easy to deal with. He knows well both the applicable legal requirements and the practice in our field of business.’

Ville Alahuhta understands our company’s needs well and can focus on the essential questions. He does not make things overly complicated but can find the relevant details if necessary. Ville helps identifying the topics which are most important to us which adds much value to the actual legal advice.’

Key clients

FIM Asset Management Ltd

Aalto-yliopiston kauppatieteiden ylioppilaiden säätiö (Foundation of Business Students)

Olvi plc

Movial Corporation

Traffic Management Finland Oy

Fingrid plc

Lehto Group plc

Nordic Business Group Oy and New House Innovation Oy

Larsen & Co Tilitoimisto Oy

Destia Oy

Work highlights

  • Advised FIM Asset Management Ltd on a planning process concerning the establishment of a new investment fund product.
  • Advised the Foundation for Business Students in Aalto University (KY Foundation) on the sale of a historical commercial and office building located in Pohjoinen Rautatiekatu in the centre of Helsinki.
  • Advised the Finnish beverage company Olvi Plc on the acquisition of Danish brewery Vestfyen.


Krogerus focuses on tax-related work involving private equity, real estate and infrastructure transactions, and fund formation issues. The team has frequently assisted Nordic and European clients with inbound investments, capital market transactions and IPOs in the Finnish market. Practice leader Samu Lassila focuses on tax-related matters in relation to M&A and due diligence, while tax specialist Antti Lehtimaja covers M&A and financing work. Senior associate Vilma Piipponen acts on both international and domestic tax matters, including corporate income and transfer tax issues.

Practice head(s):

Samu Lassila

Other key lawyers:

Antti Lehtimaja; Vilma Piipponen


In-depth knowledge for complex matter; high professional standards; diverse team.’

I have been very happy with Samu Lassila and his team. As a tax director for a publicly listed corporation I need every now and then some in-depth support in more complex or non-ordinary tax matters, and could trust that where needed, Samu with is personal global network and his team is able to assist.’

I want to especially acknowledge the work of Antti Lehtimaja, who has been instrumental in supporting with the registration of a new branch office of ours in Finland, successfully managing a tax dispute that arose in the first year of operations.’

Krogerus’ tax team is proactive and they have wide range of experience they utilise in daily work. This makes them efficient and they provide value to their clients and counterparts.’

Very responsive. Technically and commercially astute advice in relation to real estate and infrastructure.’

Antti Lehtimaja has a solution-oriented, pragmatic approach to complex tax matters.’

Key clients

Partners Group



VIA equity




Intera Partners

Formica Capital

Ålandsbanken Abp

Work highlights

  • Advised VIA equity and the state-owned investment company Finnish Industry Investment Ltd on their divestment of Profit Software to Volpi Capital.
  • Advised Kreate and Intera on the IPO of Kreate on the official list of Nasdaq Helsinki.
  • Advised the shareholders of Isojoen Konehalli on its sale to Grafton Group plc for a consideration of ca. €200m on a cash and debt free basis.