Taxation

Working in Europe | Taxation/salaries | Faroe Islands

The Faroese tax system is based around a set of direct and indirect taxes.

The tax system includes personal income taxes, value added taxes and special taxes and excise duties on various goods and services.

 

In addition to taxes all employees have to pay contributions to various social funds. These are deducted from the income in the same way as ordinary taxes.

All residents between 24 and 66 years pay DKK 150 kr. per month to the Faroese Broadcasting Corporation. Residents older than 66 years pay DKK 50 per month.

 

 

 

 

Read more:

Customs and Tax Office