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
History of the Faroe Islands suggested that the people living there might have been from Ireland, Scotland or Scandinavia, with possibly groups from all three areas settling there. There is a Latin account of a voyage made by Saint Brendan, an Irish monastic saint who lived around 484–578, there is a description of "insulae" (islands) resembling the Faroe Islands. This association, however, is far from conclusive in its description. The earliest text which has been claimed to be a description of the Faroe Islands was written by an Irish monk in the Frankish Kingdom named Dicuil, who, around 825, described certain islands in the north