Fortum received an income tax assessment of SEK 425 million (approximately EUR 49 million with current exchange rate) in 2011 from the Swedish tax authority concerning the year 2009, which Fortum appealed. The administrative court in Stockholm has now investigated the matter and, on 9 October 2013, ruled against the Swedish tax authority. Fortum first communicated the assessment in January 2012.
The Swedish tax authority's assessment concerned the income tax Fortum paid in 2009. The authority's claim for additional income tax was based on denial of interest deductions on the financing of Fortum's operative restructuring in 2005 after the divestment of Neste Oil. The 2009 taxes were assessed in 2011. The administrative court in Stockholm approved Fortum's appeal on legal grounds. The authority may appeal the court's decision.
"Fortum's policy is to pay taxes on the earnings, production, employment and property of each of the Group's businesses in accordance with each country's local regulations. We always aim to take taxes into account at an early phase in our business operations to ensure correct tax treatment," says Fortum's Head of Tax Reijo Salo.
Fortum pays more taxes in Sweden than in any other country. In 2011, Fortum was one of the largest tax payers in Sweden and the second largest tax payer in Finland.
For additional information, please contact:
Reijo Salo, Head of Tax, Fortum Corporation, tel. +358 10 45 24443
Fortum's total tax report is available here.
Fortum's purpose is to create energy that improves life for present and future generations. We provide sustainable solutions that fulfil the needs for low emissions, resource efficiency and energy security, and deliver excellent value to our shareholders. Our activities cover the generation, distribution and sales of electricity and heat as well as related expert services.
Fortum's operations focus on the Nordic countries, Russia, Poland and the Baltics. In the future, the integrating European and fast-growing Asian energy markets provide additional growth opportunities. In 2012, Fortum’s sales totalled EUR 6.2 billion and comparable operating profit was EUR 1.7 billion. We employ approximately 10,400 people. Fortum’s shares are quoted on NASDAQ OMX Helsinki.