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
Energy in the Faroe Islands as the islands have a goal of 100% green electricity production by 2030. The municipality-owned company SEV is the main electricity supplier in the Faroe Islands with 97% of the total production, with private producers supplying the rest. The main electricity grid on the Faroe Islands has the highest voltage of 60 kiloVolt, of which there is 90 km overhead wire and 6 km cable. The 20kV system is 460 km and reaches most towns in the main islands, whereas the 10 kV system covers the connected outlying islands, and Torshavn. Due to extreme weather conditions and its lack of