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
University of the Faroe Islands University of the Faroe Islands The University of the Faroe Islands () is a state-run university located in Tórshavn, the capital of the Faroe Islands. It consists of two faculties: the Faculty of Humanities, Social Sciences and Education and the Faculty of Natural and Health Sciences. The university offers bachelor's, master's, and Ph.D.'s in both faculties. The student body is small, having almost 600 students. The university organizes an annual dissertation competition open to all students. The educational language of the university is Faroese, making it the only university in the world to conduct classes officially in that language. The