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Government’s planned excise reduction for large energy consumers to bring new investments

The government is planning an excise reduction for large energy consumers and hopes new investments from the incentive.

The tax for large energy consumers will drop from 4.5 € per MWh to 0.5 € if the changes to the tax laws proposed by the Ministry of Finance are enforced.

According to business daily Äripäev, Estonian Cell, a part of Heinzel Corporation, has promised to invest around 20 million euros if the changes to the laws are made. A member of the board of Estonian Cell, Siiri Lahe said that if other favourable tax changes follow, the company would be interested in building a second factory in Estonia, meaning an investment of 100+ million euro.

Estonian Cell’s pulp mill located in Kunda started production in 2006. The greenfield investment amounted to 153 million euros, being one of the biggest foreign investments into Estonia. At the plant, 160,000 tons of pulp is produced per annum. 100% of the production is exported: 80% to Europe and 20% to Asia.

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