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
Regions of the Faroe Islands Regions of the Faroe Islands The Faroe Islands are divided into 30 municipalities, six regions/shires (sýsla, sýslur in plural) and since 2007 there has been only one constituency, earlier there were seven constituencies. Each region has one sheriff (sýslumaður). The administrative subdivisions of the Faroe Islands are frequently changing. In the 1980s there were more than 50 municipalities. During the last past decades the number has been decreasing steadily, and more municipal-mergers can be expected within the following years. The aim of the ministry of interior is that in 2015 there will be only seven or nine municipalities in the