Taxation in the Faroe Islands to be no longer than 12 months. However, the first accounting year can vary from 6 to 18 months. Taxation in the Faroe Islands Taxation in the Faroe Islands has differed from the taxes in Denmark since home rule was granted in 1948. This gives the Faroe Islands control over their own taxes. All citizens of the Faroe Islands are subject to personal taxation. The government tax rate on incomes up to DKK 500,000 is 20%. Incomes higher than this pay a fixed amount, always resulting in a higher percentage. There are multiple tax deductions in the Faroes. This includes
Faroe Islands games were hosted by the islands in 1989 and Faroes won the Island Games in 2009. Football is by far the biggest sports activity on the islands, with 7,000 registered players out of the whole population of 50,000. Ten football teams contest the Faroe Islands Premier League, currently ranked 51st by UEFA's League coefficient. The Faroe Islands are a full member of UEFA and the Faroe Islands national football team competes in the UEFA European Football Championship qualifiers. The country is also a full member of FIFA and therefore the Faroe Islands football team also competes in the FIFA World