Next Generation Partners

Tax in Finland

Borenius

Borenius‘ practice is well placed to handle a wide range of tax matters, including tax disputes, M&A transactions, real estate tax work, indirect taxes and transfer pricing mandates. The team stands out as a key choice for domestic and international clients, including blue-chip corporations and private equity houses, seeking advice on all facets of tax issues. The team is jointly headed up by the duo of Einari Karhu and Heikki Wahlroos; Karhu provides counsel on corporate taxes, international tax matters and M&A structuring work, while Wahlroos has notable expertise in corporate and personal income taxation issues, with a strong focus on the private equity and venture capital sectors. Henna Jovio specialises in VAT, excise duties, and customs disputes.

Practice head(s):

Einari Karhu; Heikki Wahlroos


Other key lawyers:

Henna Jovio


Testimonials

‘Good cooperation with other practice areas within the firm.’

‘In addition to great technical competence, Einari Karhu is business-minded and maintains a solution-oriented approach to complex tax matters.’

‘Availability, reaction and response time, deliverables with high quality responses to client’s business needs.’

‘People and collaboration are the strengths of Borenius. Their technical knowledge is sound, and they collaborate well in teams with each other and with us as their client.’

‘Strategic goal thinking taking into account the whole legal process and the target in the end.’

‘Heikki Wahlroos – understands customer’s views and business targets and can adapt legal solutions to be aligned with their needs. Strategic thinker. Henna Jovio – deep knowledge, serves business needs very well.’

‘This is a firm that has a deep knowledge and a fantastic technical expertise, as well as ruling requests and in general issues. They are proactive, client-oriented, quick to react to any question and pedagogical in their explanations.’

Key clients

Nokian Tyres plc


CapMan Plc


Intera Partners Buyout Funds


Agnico Eagle


Aberdeen Standard Investments


Harvia Plc


Netflix, Inc.


Kemira Plc


Sanoma plc


Mandatum plc


Vaaka Partners Buyout Funds


Versowood Oy


Work highlights


  • Advised InfraRed Capital Partners on its first investment in the Finnish market, made in geothermal system provider Voltan Lähienergia with total managed assets of $13bn.
  • Advised Davie on its acquisition of the business of Helsinki Shipyard Oy.
  • Assisted M-Files Corporation and its shareholders with a majority recapitalisation investment led by Haveli Investments, an Austin, TX-based technology-focused private equity firm, and Bregal Milestone, a European software private equity firm.

Hannes Snellman (Finland)

Hannes Snellman (Finland) delivers a comprehensive service across contentious and non-contentious matters, particularly excelling in tax disputes, M&A transactions (both public and private), capital markets deals, private equity and venture capital mandates, incentive schemes, and investment funds. The team is highly regarded for its proficiency in indirect taxation, private wealth tax, and transfer pricing issues. Head of the tax practice Heikki Vesikansa‘s broad expertise covers transactional tax structuring issues, tax planning work and tax litigation. Piia Ahonen, who leads the indirect tax team, is dominant in indirect taxation, with a focus on the real estate and energy sectors. Joakim Frände and Harri Vehviläinen are also recommended.

Practice head(s):

Heikki Vesikansa; Piia Ahonen


Other key lawyers:

Joakim Frände; Harri Vehviläinen


Testimonials

‘We have received excellent services from Hannes Snellman.’

‘We have worked with Joakim Frände and value swift and good quality advice and information.’

‘Very diverse team in terms of coverage of various areas. The team members are very strong in both theoretical and practical aspects of the tax law.’

‘Very approachable despite being the top tax practice in Finland. Heikki Vesikansa is easy to deal with and very knowledgeable.’

‘We are very satisfied working with the HS tax team. They each hold a very good understanding of the specific tax issues that we are dealing with. Recommend HS tax team.’

‘Practice leader Heikki Vesikansa is by far the most skilled tax professional in Finland. Heikki’s ability to understand and solve clients’ tax issues/questions. Piia Ahonen, VAT partner, has exceptional knowledge of indirect taxes. Also Harri Vehviläinen, rising star. Exceptional service attitude.’

Key clients

Accel-KKR


Ahlstrom Plc


Myrsky Energia Oy


YIT Plc


Caverion Plc


Fiskars Plc


Orange Capital Partners


Quadoro


Areim AB


Smartly.io


Virala Oy Ab


Valmet Plc


Slättö Core Plus AB


Ilmarinen Mutual Pension Insurance Company


Kesko Oyj


Metso Plc


A. Ahlström Oy


Uponor Plc


United Bankers


NYAB Plc


Beneq Oy


Work highlights


  • Advised a Finnish-listed company on a landmark dividend withholding tax dispute.
  • Advised NYAB Plc on the first-ever Finnish-Swedish re-domiciliation under the new EU Mobility Directive and change of listing venue from Finland to Sweden.
  • Advised Accel-KKR on its majority equity investment in Aico Group.

Krogerus

Krogerus‘ team, known for its ‘relevant experience of providing practical and well-reasoned analysis of the matters’, excels in advising on the tax aspects of private equity, real estate and infrastructure transactions. The practice also has significant expertise in tax and structuring issues associated with fund formations. Practice head Samu Lassila is praised for his ‘very professional approach’ and is the go-to person for transactional taxes, including financing agreements and fund formations, and regularly handles tax litigation and tax controversy work. Antti Lehtimaja is a specialist in private equity taxation and real estate transactions.

Practice head(s):

Samu Lassila


Other key lawyers:

Antti Lehtimaja


Testimonials

‘The team is excellent at handling complex tax matters. They are our go-to advisers in Finland. They deliver practical and clear advice at all times.’

‘Antti Lehtimaja leads all our Finnish tax matters. He is responsive and excellent at explaining technical tax concepts clearly and concisely. We see him as a highly valued adviser.’

‘Samu Lassila, innovative with good resilience for stressed projects.’

‘I was very pleased with the level of professionalism displayed by the team throughout our collaboration in several cases. The team was consistently responsive, well organised, and provided clear guidance at every stage of the process.’

‘I appreciate the broad knowledge about all kinds of industries and the professionalism.’

‘We have exclusively worked with Samu Lassila. Samu is on point, efficient and has a wide knowledge in respect of all kinds of tax-related questions. Samu also has experience working with all kinds of industries, which we appreciate.’

‘Partner Antti Lehtimaja handled the matter effectively with a well-prepared and ultimately successful approach. Advice and options were clear.’

Key clients

KKR


MEAG (part of Munich RE)


PSG Equity LLC


Swiss Life


VINCI


Elisa Plc


HKScan Plc


Juuri Partners


Tana Group


VR


Altor


Ilmatar Energy


Sonae


LähiTapiola / LocalTapiola


Work highlights


  • Advised Altor on the sale of Silo AI to AMD Inc, the global semiconductor firm.
  • Advised Aico Group on Accel-KKR’s majority equity investment in Aico Group.
  • Advised PSG Equity on €40m growth investment in One Click LCA.

Roschier

Roschier is a leading practice in the Finnish market for cross-border tax-related transactions, handling M&A matters, real estate projects, private equity mandates, public company restructurings, and tender offers. The team also excels in handling tax planning issues relating to fund formations, changes in business models, incentive schemes, transfer pricing issues and transactions involving VAT and other indirect taxes. The practice is led by the capable duo of Mika Ohtonen, whose diverse litigation docket features cases involving complex transfer pricing issues and anti-avoidance claims, and Ossi Haapaniemi, a trusted counselor for tax disputes, ruling processes and corporate tax matters. Merja Raunio focuses on transfer pricing planning projects, while Andreas Bussman has a notable specialism in tax planning and structuring matters arising from domestic and cross-border M&A, private equity mandates and venture capital transactions.

Practice head(s):

Mika Ohtonen; Ossi Haapaniemi


Other key lawyers:

Merja Raunio; Andreas Bussman


Testimonials

‘The best experts in Finland. Roschier is clearly on top.’

‘Mika Ohtonen – in-depth knowledge, extreme efficiency and easy to work with.’

‘Team width and overall strength is very good.’

‘Individuals are true experts in their area and work around the clock when something needs to be delivered.’

Key clients

Pfizer Oy


Nets Holding A/S


Trevian Asset Management


IK Investment Partners


Nordic Capital


Assa Abloy AB


A. Ahlström Oy


Stora Enso Oyj


Telia Company


Bravedo Group (ex. Barona Group)


Axcel


Bain Capital


Wolt


SAKA Finland Oy (formerly Suomen Autokauppa Oy)


Hologic, Inc


Fortum Oyj


Intera Partners


Nokia Corporation


Lindex Group (formerly Stockmann Plc)


Warburg Pincus


Tilt Biotherapeutics Ltd


Oura


Apollo


Corten Capital


Oras Invest


Slättö


Renewable Power Capital


CapMan plc


Advanced Micro Devices, Inc.


Work highlights


  • Advised Nokia Corporation on its $2.3bn acquisition of Infinera.
  • Advised Advanced Micro Devices, Inc. on its $665m acquisition of Silo AI Oy.
  • Advised Apollo on the €392m takeover offer for all the shares in Purmo Group Oyj.

Castrén & Snellman

The tax and structuring team at Castrén & Snellman is highly capable in assisting clients with cross-border and domestic transactions and restructuring processes involving tax issues. With a strong tax litigation practice, covering tax audits, tax avoidance and transfer pricing issues, the team also excels in handling complex high-value M&A transactions. Mikko Alakare leads the practice and is rated for his expertise in direct and indirect tax work and tax disputes. Janne Juusela has in-depth knowledge of corporate tax, international tax law, mergers and acquisitions, and tax litigation.

Practice head(s):

Mikko Alakare


Other key lawyers:

Janne Juusela; Emmi Karvinen


Testimonials

‘Good mix of eminent practitioners, mid-level managers and talented youngsters.’

‘Specifically like working with a partner, head of tax Mikko Alakare. Mikko’s in-depth understanding of all key tax areas is a true strength to C&S. He is one of the best tax lawyers in Finland.’

‘The team is very responsive and equipped with versatile experience. Especially the tax litigation work provided by the team has been consistently excellent.’

‘We have especially worked with Mikko Alakare, Janne Juusela and Emmi Karvinen. The responsiveness of Janne and Emmi is impeccable. Working with legal advisers becomes significantly easier when the legal advice given is in layman’s form without sacrificing the quality of the advice. Very happy with the team’s approach and way of working. The project leadership skills and expertise of Emmi are top-notch.’

Key clients

Keensight Capital


BYG4LAB


Oomi


Biovian


Evli Oyj


Mérieux Equity Partners


Remondis Group


Voisin Consulting Life Sciences


Dittmar & Indrenius

Dittmar & Indrenius‘ practice is renowned for providing comprehensive support to multinational groups, investors, banks and financial institutions. The team excels in contentious and non-contentious tax matters, with standout expertise in structuring and tax optimisation of corporate and financial transactions, tax planning issues, investment funds and incentive schemes, particularly in the transport sector. The team is led by Kai Holkeri, who focuses on transactional and structuring work, further assisted by Oscar Wik and Vilho Virmavirta.

Practice head(s):

Kai Holkeri


Other key lawyers:

Oscar Wik; Vilho Virmavirta


Testimonials

‘Innovative team.’

‘Kai Holkeri is innovative. Oscar Wik has solid experience in different types of transactions.’

Key clients

Colas


Parmaco


MB Funds


Garmin Ltd


Providence Strategic Growth Capital Partners L.L.C


Norvestor


IKEA Oy


Telenor


AMP Capital Investors


HANSAINVEST Real Assets


AXA Real Estate


Expedia Group


Ratos


The Association of Finnish Local and Regional Authorities


Aberdeen Standard Capital


Aller Media


Wipunen Asia Capital


Elite Asset Management Plc


Veho


CapMan


Enfuce


Work highlights


  • Advised Handelsbanken on the disposal of its private, SME, asset management and life insurance operations in Finland to S-Bank, Oma Savings Bank and Fennia Life Insurance Company.
  • Advised ICG on its strategic partnership with Finnish construction and real estate sector expert Granlund.
  • Advised Dasos Capital and its shareholders on a share exchange transaction.

Avance Attorneys Ltd

Avance Attorneys Ltd‘s tax and structuring department continues to provide transactional services with further support from the dispute resolution team on tax litigation. Sebastian Kallas, ‘a talented structuring and tax professional with out-of-the-box solutions’, heads up the practice. Antti Leppänen is another key name of note.

Practice head(s):

Sebastian Kellas


Other key lawyers:

Antti Leppänen


Testimonials

‘The cutting edge combination of high capabilities in tax law and understanding the client’s business. Based on this, Sebastian Kellas and his team provide solutions which not only solve the tax issue at hand but also fit the client’s business strategies. This is truly unique, and we highly appreciate this.’

‘Lead partner Sebastian Kellas is most likely the best tax adviser in Finland – his skills in tax structuring and tax litigation are awesome.’

‘Team provided great professional work on legal and tax-related matters.’

‘Avance tax team has an excellent understanding of insurance sector-related tax matters.’

‘Antti Leppänen has extensive knowledge. He is very easy to work with and able to help even with urgent requests. He gives clear and precise answers, one of the best tax lawyers I have worked with.’

‘Antti Leppänen has provided highly valued advice.’

‘Sebastian Kellas – pragmatic approach and strong know-how within the tax field.’

‘They are subject matter experts in their field and drill into the matters they are looking at.’

Bird & Bird

Bird & Bird‘s tax practice is valued for its expertise in corporate income tax, M&A-related tax services, VAT and other indirect tax, personal tax and fund structuring mandates. The team is regularly instructed by a roster of domestic and international companies, individuals, families, and non-profit organisations, and is led by Ville Alahuhta, who has specific expertise in the tax issues involved in M&A transactions and private equity funds.

Practice head(s):

Ville Alahuhta


Other key lawyers:

Matias Vikström


Testimonials

‘Growing and a forward-looking team led by very energetic Ville Alahuhta.’

‘Ville Alahuhta is always willing to go the extra mile and prove that he is worth the trust.’

‘They have a strong team, led by Ville Alahuhta, who can cover a wide range of tax issues.’

‘We mainly work with Ville Alahuhta, who is very responsive and provides practical solutions. We have also worked with Matias Vikström, who specialises in VAT and has in-depth knowledge of VAT.’

‘Very dynamic, knowledgeable and always available.’

‘Ville Alahuhta leads a rising team in the Finnish tax market. Solid performer, hard-working and always available.’

‘Ville Alahuhta: manages the team with efficiency and provides practical advice in a nutshell, also in complex issues. Further, Ville understands commercial and other issues of the matter at hand.’

‘Bird & Bird’s Tax practice in Helsinki stands out for its deep expertise in domestic and international tax law. Their pragmatic approach, paired with a deep understanding of the client’s business objectives, positions them as a top choice for navigating sophisticated tax issues. The team has introduced efficiencies through clear, client-oriented communication and is noted for its collaboration across disciplines and jurisdictions.’

Key clients

Oji Holdings Corporation


S-Bank Plc


Holiday Club Resorts Oy


FCG Finnish Consulting Group Oy


Logitech Group


Nordtreat Group Oy


Ekokuljetus group


Legendary Capital Oy


Slättö Förvaltning


Government of Åland


Work highlights


  • Advised Oji Holdings on the acquisition of Walki Group from private equity firm One Equity Partners.
  • Advised S-Bank Plc on its acquisition of Finnish private customer, asset management and investment services operations of Svenska Handelsbanken AB.
  • Advised Inission AB on its public takeover process concerning Finnish listed company Enedo Plc.

HPP Attorneys

HPP Attorneys‘ team is well versed in assisting foreign investors with the tax aspects of investments in the Finnish market and has significant experience in transactional tax work. Practice head Jaakko Klemettilä has longstanding experience of handling acquisition structuring and tax planning work and the tax structuring of renewable energy deals.

Practice head(s):

Jaakko Klemettilä


Testimonials

‘The team punches way above the weight in terms of quality of their advice, which is always spot on and timely delivered.’

‘Jaakko Klemettilä is our go-to person and always gives spot-on advice even on the most challenging questions.’

‘HPP’s tax practice experts can quickly grasp the purpose of the task and can provide a straightforward analysis of various scenarios.’

‘Jaakko Klemettilä is a customer-oriented tax expert who quickly understands the client’s needs. Jaakko can present even complex outcomes.’

Key clients

Accelerated Learning Inc


Waselius

Waselius‘ tax practice advises on transactions, structuring issues and tax litigation. The team is particularly adept at handling the tax aspects of corporate reorganisations and restructurings, acquisitions, spin-offs, joint ventures, and financing arrangements. Practice head Niklas Thibblin has vast expertise in handling the international and cross-border aspects of corporate taxation.

Practice head(s):

Niklas Thibblin


Testimonials

‘This is a good and solid law firm – providing quick and to-the-point advice with a constructive touch.’

‘I have, in particular, worked with Niklas Thibblin. He is an experienced and thorough lawyer with a good eye for the client’s needs.’

‘Very thorough analytics and agile responses to requests.’

‘Niklas Thibblin is by far the best.’

‘Very reliable, easy to work with and provides straightforward advice.’

‘Niklas Thibblin is a pleasure to work with. He is experienced and listens to the client. He is effective at communicating and addressing queries directly and willing to give clear guidance in complex situations.’

‘It is obvious that the team has vast experience and deep knowledge. They have handled all projects swiftly and by expectations. Highly recommended.’

‘They stand out with a great understanding of other jurisdictions and language which helps the efficiency and give comfort to clients.’

Key clients

Nissan International Insurance


T. Rowe Price


Bank of America


Santander Consumer Finance Oy


LocalTapiola Finance


Evklips Energy


Heimdall Terminals AB


Sagax Finland Oy


Work highlights


  • Advised several T. Rowe Price funds on the Finnish Tax Administration and before the administrative courts about the reclaim of withholding taxes.
  • Advised Nissan Nordic Europe on a matter considering a request filed to the Finnish Tax Administration to issue an advance tax ruling on the taxation of insurance premiums.
  • Advised Evklips Energy on setting up its presence in Finland by planning and developing suitable operational structure for the Finnish activities.