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
Education in the Faroe Islands Faroese Research Council that decides its recipients. From 2002 to 2012 the Research Foundation had received over 70 million DKK. Research is conducted by several governmental institutions (i.e. museums, laboratories, hospitals, marine institutes) and the University of the Faroe Islands. Education in the Faroe Islands The levels of education in the Faroe Islands are primary, secondary and higher education. Most institutions are funded by the state; there are few private schools in the country. Education is compulsory for 9 years between the ages of 7 and 16. In the twelfth century education in the Faroe Islands was provided by the