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
Elections in the Faroe Islands 4.2%, 1 MP Elections in the Faroe Islands The Faroe Islands elects on national level a legislature. The Faroese Parliament ("Løgtingið in Faroese") has 33 members of parliament, elected for a four-year term by proportional representation. The Faroe Islands have a multi-party system (disputing on independence and unionism as well as left and right), with numerous parties in which a single party normally does not have a chance of gaining power alone, and therefore the parties must work together in order to form a coalition government. JF - 23.4%, 8 MPs<br> FF - 21.6%, 7 MPs<br> SF - 21.2%, 7