Faroese Government Applies New Tax Model to Salmon Farmers in the Faroe Islands, Valid Until 2032
The Faroese government recently announced an industry-wide tax restructuring for salmon farming in the region, affecting all salmon farmers in the Faroe Islands as of January 1, 2025. Heavy hitters Bakkafrost, Mowi Faroes, and Hiddenfjord are impacted by the change.
The new tax model—which remains in place until 2032—is part of a broad, long-term agreement between the Faroese government and the largest opposition party. Per the agreement, Faroese salmon farmers will have a reduced maximum revenue tax and an additional...
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