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 the Faroe Islands is dominated by arctic-alpine plants, wildflowers, grasses, moss and lichen. Most of the lowland area is grassland and some is heath, dominated by shrubby heathers, mainly "Calluna vulgaris". Among the herbaceous flora that occur in the Faroe Islands is the cosmopolitan marsh thistle, "Cirsium palustre". Although there are no trees native to the Faroe Islands, limited species were able to be successfully introduced to the region, including the Black Cottonwood, also known as the California Poplar (Populus trichocarpa) A few small plantations consisting of plants collected from similar climates such as Tierra del Fuego in South America