Taxation in the Faroe Islands 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 a 14% deduction for fishermen. However, this is limited to 14% of DKK 470,000 corresponding to a maximum annual
Flora of the Faroe Islands from Tierra del Fuego to the Faroe Islands, making it the biggest "Nothofagus" population in Europe. Species from the Alaskan coastline and islands have also adapted well in the Faroe Islands, especially "Pinus contorta", "Picea sitchensis", "Salix alaxensis", "Populus trichocarpa" and "Alnus sinuata". The biggest Alaskan pine tree ("Pinus contorta") in Europe (in width, not in height), is to be found in the Selatrað plantation in the Faroe Islands. Generally, species from the oceanic climates of coastal Alaska, New Zealand, Tierra del Fuego and Tasmania are adapted to Faroe, while species from the more continental climates of Scandinavia and Europe