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
Demographics of the Faroe Islands Demographics of the Faroe Islands This article is about the demographic features of the population of the Faroe Islands, including population density, ethnicity, education level, health of the populace, economic status, religious affiliations and other aspects of the population. Recent DNA analysis have revealed that Y chromosomes, tracing male descent, are 87% Scandinavian. The studies show that mitochondrial DNA, tracing female descent, is 84% Scottish / Irish. Of the approximately 48,000 inhabitants of the Faroe Islands (16,921 private households (2004)), 98% are Danish realm citizens, meaning Faroese, Danish, or Greenlandic. By birthplace one can derive the following origins of the