Friday, November 8, 2024
UPM-Kymmene Oyj, a leading global forest industry company, reported a substantial corporate tax contribution in Finland for 2023, amounting to approximately EUR 114 million. This tax payment, covering UPM’s parent company and its key subsidiaries such as UPM Communication Papers Oy, UPM Specialty Papers Oy, UPM Raflatac Oy, UPM Plywood Oy, and UPM Energy Oy, reflects the company’s significant financial impact on the Finnish economy. Although lower than the previous year’s EUR 247 million, the corporate tax payment remains a crucial part of UPM’s financial footprint in Finland.
Total Tax Contributions and Employment Impact
UPM’s total tax and fee payments for 2023, spanning community, real estate, and energy taxes, amounted to EUR 603 million. Major tax items included earned income taxes, social security contributions, and taxes on timber withdrawals and dividends. Additionally, UPM paid approximately EUR 419 million in salaries to its Finnish employees and indirectly supported thousands of jobs within Finland, working with nearly 10,000 suppliers for goods and services. The company also made substantial wood purchases in Finland, totaling around EUR 770 million.
Dividend Payments Strengthen Shareholder Relations
In 2023, UPM distributed dividends totaling EUR 800 million to its shareholders, with about a third of these payments going to shareholders in Finland. The dividend, based on the previous financial year’s results, was paid in two installments, highlighting UPM’s ongoing commitment to delivering shareholder value.
Regional Impact and Responsibility
As a globally operating company, UPM has a notable local presence across Finland. UPM’s recent EMAS reports provide updated 2023 data on the economic and social contributions of its regional factories, including effects on employment, local taxes, and purchasing power. These reports also detail the company’s environmental and responsibility efforts at each facility, underscoring UPM’s dedication to sustainable operations and community support in Finland.
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