Few changes have been discussed with the Faroese government, and the lack of viable new developments has not precipitated any planned change in the fiscal regime.
May 28, 2021
Europe - North West
Northern Europe, island group between the Norwegian Sea and the North Atlantic Ocean, about halfway between Iceland and Norway.
Concession fiscal regime with royalty, corporate income tax and an additional profits tax (Special Petroleum Tax) which varies with project profitability
The islands have been connected politically to Denmark since the 14C. A high degree of self-government was granted the Faroese in 1948, who have autonomy over most internal affairs while Denmark is responsible for justice, defence, and foreign affairs. The Faroe Islands are not part of the European Union.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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