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
LGBT rights in the Faroe Islands or be imprisoned for up to two years." When the law took effect on 1 January 2007, the Faroe Islands became the last Northern European country to ban discrimination and harassment based on sexual orientation. Prior to 2012, LGBT rights was not a high-profile issue in the Faroe Islands. The Faroe Islands had been viewed by neighboring countries and worldwide media as a homophobic country for a long time. Generally, this was because religious observance is stronger and more widespread in the Faroe Islands than any other Nordic country, and due to the lack of LGBT rights, such as recognition