Here's the English part of the Faroese government's website on tax: https://www.taks.fo/en/individuals/tax/ https://www.taks.fo/en/individuals/tax/ And for bus

Here's the English part of the Faroese government's website on tax: https://www.taks.fo/en/individuals/tax/ https://www.taks.fo/en/individuals/tax/ And for businesses: https://www.taks.fo/en/business/starting-a-business/starting-a-business/ https://www.taks.fo/en/business/starting-a-business/starting... I think "no deductions" means there aren't hundreds of complicated rules like the USA has. The page says "Operational costs should be deducted from the taxable income. Operational costs are the expenses that are necessary for the business to operate, such as rent, electricity, maintenance, furniture, equipment, transportation, insurance, bookkeeping, telephone expenses etc." VAT is 25%.