Tax in Finland

Borenius

Borenius has a 'long-standing working relationship' with clients on a domestic and international level, and covers the full spectrum of tax advisory services, including handling tax disputes, M&A transactions, indirect tax issues, real estate tax work and transfer pricing mandates. The team also regularly advises industrial corporations and private equity houses on the structuring of large M&A deals. Janne Juusela leads the practice and specialises in M&A tax matters, corporate restructurings and tax litigation.  Corporate tax experts Einari Karhu and Heikki Wahlroos are also key names to note.

Practice head(s):

Janne Juusela

Other key lawyers:

Einari Karhu; Heikki Wahlroos

Testimonials

‘We have a long-standing working relationship with Borenius and especially the partner in charge, which enables for a honest and straightforward relationship.’

‘Heikki Wahlroos is always easily reachable and ready to assist. We value his solution-orientated and business-minded approach highly.’

Key clients

Nokian Tyres Plc

Paroc Group

CapMan Plc

Morgan Stanley Real Estate Investing

Intera Partners Buyout Funds

Agnico Eagle

Aberdeen Standard Investments

Fortum Plc

Harvia Plc

Rettig Group

Kemira Oyj

Robit Plc

Work highlights

  • Advised Vaaka Partners on the sale of Kotikatu, Finland’s largest property services company with approximately 6500 housing cooperatives as clients.
  • Represented CapMan Real Estate in tax litigation regarding carried interest in Finnish courts.
  • Advised a consortium of Finnish energy companies on combining the electric retail sales businesses and service businesses to create a joint venture.

Hannes Snellman

Hannes Snellman has a strong track record in tax disputes, and handles tax matters relating to complex transactions, with experience in cross-border work. The team is also active in the structuring of financial instruments, incentive schemes, private equity work, venture capital issues and other types of investment funds; indirect taxation and private wealth tax mandates are core strengths. Piia Ahonen, who has extensive experience in the retail, manufacturing and real estate sectors, leads the indirect tax team, while litigator Heikki Vesikansa heads up the entire tax group.

Practice head(s):

Heikki Vesikansa; Piia Ahonen

Testimonials

‘Hannes Snellman’s Finnish tax practice is a highly regarded team with great experience and a solid commercial understanding. They have in my experience great technical skills within the field of VAT and are always available on short term notice.’

‘Specialist partner Piia Ahonen is very technically skilled within the field of VAT and indirect taxation, where she is second to none. Further, she has a great team of talented practitioners.’

‘Good overall knowledge of all tax issues and strong on M&A tax services.’

‘Head of tax practice Heikki Vesikansa has a good customer approach. Furthermore, he has a vast knowledge of different tax types and it is always nice to discuss/share ideas with him relating to different tax topics/issues.’

Key clients

Quadoro

YIT Plc

Ahlstrom-Munksjö Plc

Caverion Plc

Skandia Fastigheter AB

CapMan Plc

Fiskars Plc

J.P. Morgan Asset Management

Nordic Trustee

Areim AB

Smartly.io

DWS

Optomed Plc

City of Espoo

Outotec

Work highlights

  • Represented real estate investors in landmark transfer tax disputes confirming that no transfer tax is payable on the refinancing of real estate company’s bank loans or purchase of shareholder loans, overruling the established Tax Administration practice.
  • Advised a German real estate investor on the acquisition of sizeable office properties. The tax team advised on tax due diligence, structuring and SPA negotiations.
  • Advised Smartly.io and its owners on the sale of a majority stake to Providence Equity Partners for €200m.

Roschier

The 'solution-oriented' team at Roschier regularly provides tax advice on national and cross-border transactions including M&A, private equity deals, real estate matters and tender offers. The team has 'excellent availability' and provides 'good quality support' to its client roster, which encompasses Nordic and international private equity companies and foreign multinationals. Mika Ohtonen, who has extensive experience in cross-border transactions and international taxation, and Ossi Haapaniemi, who has significant expertise in tax advisory work and tax disputes, jointly head up the department.

Practice head(s):

Mika Ohtonen; Ossi Haapaniemi

Testimonials

‘Flexibility, well on target with competence, excellent availability, good quality support during an exceptional period and environment for business. Good project management and control.’

‘Best legal tax advice money can buy. Thinking is always solution-oriented and the team will come up with concrete advice in any situation.’

‘Ossi Haapaniemi – the best legal tax adviser.’

Key clients

Pfizer Oy

Esperi Care Group

Nets Holding A/S

Trevian Asset Management

Huhtamäki Oyj

Konecranes Oyj

Rexel Group

IK Investment Partners

Nordic Capital

Assa Abloy AB

Ahlström Capital

Stora Enso Oyj

TietoEvry Oyj

Telia Company

Borealis Group

Consolis SAS

Bravedo Group (ex. Barona Group)

Axcel

Work highlights

  • Advised Neles Corporation on Alfa Laval AB’s recommended public cash tender offer for all shares in the client.
  • Advised Boels Topholding B.V. on its public cash tender offer for all shares in Cramo Plc, a European equipment rental services company.
  • Advised materials technology and recycling group Umicore on the acquisition of Freeport Cobalt’s cobalt refinery and battery cathode precursor operations.

Castrén & Snellman

Castrén & Snellman's tax practice is particularly recommended for work arising from M&A deals and complex international and domestic restructurings; it also has notable expertise in private equity and venture capital-related matters. Group head Sari Laaksonen is a highly regarded tax litigator.

Practice head(s):

Sari Laaksonen

Key clients

Fortum Corporation

Siemens Business Services

Danske Bank A/S, Finland Branch

Nordea Bank Abp

OP Financial Group

Fennia Mutual Insurance Company

OP Cooperative

Gasum Ltd

iLOQ Ltd

Vapo Group

Bilot Plc

FIM Asset Management Ltd

Wolt Enterprises Oy

Vantaan Energia

Work highlights

  • Advised Siemens Osakeyhtiö on its partial demerger into Siemens Energy Oy as part of a global reorganisation in which the gas and power business was carved out from the rest of the Siemens group.
  • Advised a consortium of banks on the sale of Automatia Pankkiautomaatit Oy to cash handling company Loomis AB.
  • Advised OP Cooperative (a major Nordic bank) on the sale of its headquarters to an investor conglomerate.

Dittmar & Indrenius

Dittmar & Indrenius focuses on transactional tax advice, tax litigation and complex tax advisory work, with M&A tax work including the structuring and tax optimisation of corporate and financial transactions, investment funds and incentive schemes. Clients include multinational groups, investors, banks and financial institutions. Practice head Kai Holkeri focuses on general corporate tax work and tax disputes, especially related to transfer pricing issues.

Practice head(s):

Kai Holkeri

Key clients

IKEA Oy

Telenor

AMP Capital Investors

HANSAINVEST Real Assets

AXA Real Estate

Garmin Ltd.

Expedia Group

Ratos

MB Funds

The Association of Finnish Local and Regional Authorities

SL Capital Partners

Boston Scientific

Aller Media

Wipunen Asia Capital

Elite Asset Management Plc

Veho

CapMan

Macquarie Infrastructure and Real Assets (MIRA)

Allianz Capital Partners

The State Pension Fund of Finland

Work highlights

  • Represented a global bank in a dispute related to withholding taxes.
  • Advising Telenor on the €3.1bn acquisition of DNA; the largest cross-border acquisition of a Finnish target in 2019.
  • Acted for a US multinational in a significant transfer pricing dispute relating to IP transfers.

Waselius & Wist

The tax practice at Waselius & Wist focuses on high-end transaction-related tax mandates, legal structuring issues and tax litigation. Other key areas of work include corporate reorganisations, acquisitions, spin-offs and other tax dispositions, joint ventures, financings, and restructurings. The department's litigation expertise encompasses EU, transfer pricing, constitutional and VAT disputes. Niklas Thibblin and Jouni Weckström jointly lead the team.

Practice head(s):

Niklas Thibblin; Jouni Weckström

Testimonials

‘Very hands-on, pragmatic and effective advice.’

‘Niklas Thibblin is a true star and a great pleasure to work with.’

‘ W&W has a sufficiently broad yet very closely knit team of professionals capable of efficiently addressing virtually any tax issue.’

‘Niklas Thibblin is one of the foremost tax lawyer of the firm and a very good one, too.’

Key clients

Sagax AB

Goldman Sachs

Hemsö AB

Compre Group

Santander Consumer Finance

JP Morgan

Skylogic/Eutelsat

The Royal Bank of Scotland

HiQ International AB

BBVA Funds

Loomis AB

Work highlights

  • Advised Santander on the securitisation of auto loan hire purchase contracts involving complex tax issues, including VAT questions in relation to the financed vehicles and permanent establishment issues.
  • Acted for a large international group in a significant tax ruling process with the Finnish Central Tax Board.
  • Advised Loomis AB on its acquisition of Automatia Pankkiautomaatit Oy from present owners Danske Bank, Nordea and OP Financial Group.

Bird & Bird

The full-service tax practice at Bird & Bird advises domestic and international companies, individuals, families and non-profit organisations on matters including corporate income taxation, M&A-related tax services, VAT and other indirect tax, personal tax, transfer pricing and fund structuring mandates. The team is led by Sami Tuominen, who is experienced in cross-border issues as well as tax controversy matters and litigation.

Practice head(s):

Sami Tuominen

Key clients

Fingrid Oyj

UBS and its clients

Danske Bank and its clients

Lehto Group Oyj

Mitsubishi Electric Corporation

Delivery Hero Sweden AB

Asuntosalkku Oy

ASM Microchemistry

Romanoff Lattiat Oy

Wasserman Media Group

Movial Corporation

Work highlights

  • Advised Finnish national electricity transmission grid operator Fingrid Oyj on tax matters related to cross-border employment work.
  • Advised Mitsubishi Electric Corporation on its strategic cross-border investment into EKE-Electronics Ltd, whereby Mitsubishi Electric Corporation acquired a 34% stake in EKE-Electronics from EKE-Finance Oy.
  • Advised Highrapids Oy on the sale of all the shares in Högfors Oy to ARI-Armaturen GbH.

KPMG Law in Finland

At KPMG in Finland, indirect tax expert Juha Sääskilahti is the key contact and leads the group, which is able to draw on the wider firm's global footprint to assist with cross-border corporate tax mandates. The team also handles indirect taxation issues and tax litigation.

Practice head(s):

Juha Sääskilahti

Krogerus

The team at Krogerus is particularly recommended for matters arising from M&A, real estate and infrastructure mandates, and has a significant track record in cross-border work. The practice also provides strategic advice and assists with compliance issues. Practice head Antti Lehtimaja is experienced in tax work relating to private equity and real estate transactions, and fund formation matters.

Practice head(s):

Antti Lehtimaja

Key clients

Lundin Energy

Providence Equity Partners

Verdane

Savills

Bloomberg BNA

OneLife

AXA

One Equity Partners

CPC

Ilmatar Windpower

Caverion

Work highlights

  • Advised Savills Investment Management on the tax structuring of a sale and lease-back acquisition of a logistics property from the global transport and logistics company DSV.
  • Advised Solera Holdings, Inc. on the tax structuring of the acquisition of Finland-based property claims solution provider in4mo Oy.
  • Provided European Energy Exchange AG with tax advice related to its acquisition of the shares in Grexel Systems Oy, a Finland-based provider of energy certificate registries in Europe.