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 History of the Faroe Islands The early details of the history of the Faroe Islands are unclear. It is possible that Brendan, an Irish monk, sailed past the islands during his North Atlantic voyage in the 6th century. He saw an 'Island of Sheep' and a 'Paradise of Birds,' which some say could be the Faroes with its dense bird population and sheep. This does suggest however that other sailors had got there before him, to bring the sheep. Norsemen settled the Faroe Islands in the 9th century or 10th century. The islands were officially converted to Christianity around the