UPDATE on Revenue tax on salmon farming in the Faroe Islands
With reference to the press release from Bakkafrost on 28 September 2022 mentioning expected changes to the Revenue Tax in the Faroe Islands. (ref. NewsWeb (oslobors.no) ) Today, the Faroese Government has officially presented to the Parliament a proposal to adjust the Faroese Revenue Tax on the salmon farming industry. This proposal includes three important changes to the current Revenue Tax system, originally introduced in 2014: · Changing the number of applicable tax rates from 3 to 5 · Increasing the salmon price thresholds that