Faroe Islands has no plans to abolish duties or charges

There are no concrete plans to abolish customs duties, excise duties or other charges, KVF reports. Any such cuts would have to be funded through other revenue, government minister Aksel V. Johannesen said in response to a question from MP Bjarni Kárason Petersen.

Petersen asked about the tax burden. The earliest available figures, from 1997, show that value-added tax accounted for 23.5 per cent of state treasury revenue, while customs duties and other charges made up 37.5 per cent.

In 2025, value-added tax accounted for 28.2 per cent of revenue, while customs duties and other charges accounted for 49.7 per cent.