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
Culture of the Faroe Islands Culture of the Faroe Islands The culture of the Faroe Islands has its roots in the Nordic culture. The Faroe Islands were long isolated from the main cultural phases and movements that swept across parts of Europe. This means that they have maintained a great part of their traditional culture. The language spoken is Faroese. It is one of three insular Scandinavian languages descended from the Old Norse language spoken in Scandinavia in the Viking Age, the others being Icelandic and the extinct Norn, which is thought to have been mutually intelligible with Faroese. Until the 15th century, Faroese had