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
Geology of the Faroe Islands Geology of the Faroe Islands The Faroe Islands lie on the Eurasian plate between Scotland, Norway and Iceland. The islands are of volcanic origin and are made up of three layers of basalt, with the top and bottom layers resembling each other. The age of this rock is between 54 and 58 million years, with the oldest material at the bottom. The Faroe Islands were formed during a period of a few million years, some 55 million years ago in early Paleogene times, when Europe and Greenland started to separate, opening up what became the Northeast Atlantic Ocean. Countless volcanic