Faroese government expects higher fishing revenues

The Faroese government will not change customs duties, but rising mackerel and herring prices are expected to significantly increase fishing fees, according to a statement from government minister Aksel V. Johannesen.

Johannesen, responding to a query from MP Sámal Petur í Grund about tax impacts on low- and middle-income earners, said a new law will be introduced to annually adjust the tax threshold, preventing income tax for ordinary wage earners from rising each year. He also noted that housing subsidies will be increased.

A new announcement on fishing fees is expected soon.