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
Culture of the Faroe Islands Eystanstevna is always held in Runavík, but the boat race is only held there every second year (even years), odd years the regatta is held in Fuglafjørður at the Varmakelda Festival (Varmakeldustevna). Swimming is a quite popular sport in the Faroe Islands. The Faroese freestyle swimmer Pál Joensen is the sportsperson of the Faroe Islands with the best international result for the country, a bronze medal at the 2012 FINA World Swimming Championships. In July 2011 he qualified for the finals in the men's 800 meters and 1500 meters freestyle at the 2011 World Aquatics Championships in Shanghai. He placed