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 which villages the whale meat and blubber should be given to. This is the case in Suðuroy, if men from the southern part of the island participate in a whale hunt, they are not sure to get any meat at all, if the sheriff decides, that there are too few whales in order to divide it to the whole island and can decide to give it only, for example, to the northern part or to specific villages or to homes for the elderly. Regions of the Faroe Islands The Faroe Islands are divided into 30 municipalities, six regions/shires (sýsla, sýslur