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 2001 on first steps towards independence was called off following Danish Prime Minister Poul Nyrup Rasmussen saying that Danish money grants would be phased out within four years if there were a 'yes' vote. 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