Revenue tax on salmon farming in the Faroe Islands
With reference to the press release 28 September 2022 from the Norwegian government regarding a proposal to introduce a resource tax on salmon and trout farming in Norway. Bakkafrost is subject to tax in the countries where Bakkafrost operates. This does not include Norway. Since 2014, the salmon farming industry in the Faroe Islands has been subject to a special revenue tax on the value of harvested fish calculated using actual salmon spot prices. The current tax rate is between 0.5% - 5% depending on the salmon spot price. The Faroese Government is currently working on a proposal to