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
National Museum of the Faroe Islands National Museum of the Faroe Islands The National Museum of the Faroe Islands () is the national museum of the Faroe Islands, located in Tórshavn. The National Museum of the Faroe Islands has exhibitions in the museum building on Brekkutún 6 in Tórshavn. The galleries tell the natural and cultural history of the Faroe Islands. This goes back to the origin of the landmass dating back 65 mya, through the pre-settlement era and the culture etc. from the Viking Ages and the Middle Ages. Displays include rocks and minerals, birds, plants and fish, as well as items from the farming