Faroe Islands Passes New Tax Plan for Salmon Farming Industry
The Faroese Parliament passed a new tax plan this week that will adjust the revenue tax for the country’s salmon farming industry that will go into effect on August 1, 2023.
According to leading Faroe Island salmon farmer Bakkafrost, nine different tax rates can be applied, dependent on the difference between the monthly FishPool Index prices and the average production cost for the Faroese salmon industry.
Bakkafrost said the average production costs will be assessed twice a year and the applicable tax rate ranges from 0.5% to 20%...
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