Long-term and broad political agreement settles the taxation model for salmon farming in the Faroe Islands
As an outcome of a broad political agreement stretching to 2032, the taxation of the Faroes Salmon industry is restructured, effective from 1 January 2025.Since 1 August 2023 and until 31 December 2024, the Faroese salmon industry has paid a monthly revenue tax ranging from 0.5% to 20% of the sales value of the harvested fish, calculated using the FishPool Index prices rather than actual sales prices. The applicable tax rate (0.5% - 20%) has been dependent on the difference between the industry production costs and the Fish Pool Index prices. From 1. January 2025, the maximum revenue tax