have been transferred to southern European countries, where tax is substantially lower. Another issue is, how do you tax people and how do you tax investments?”, says the minister. While all these questions [...] Oil companies have for a long time being looking for a clear-cut taxation situation between the Faroes and the UK. A dual tax agreement has now finally been agreed between the two countries, and this will [...] signed a new dual taxation agreement, which will come into force on the 1st of January 2008, after it supposedly is passed both by the UK and Faroe parliaments. Satisfied minister The Faroe minister is very

sigur R.J. Samuelson tað soleiðis: "The question about China?s economy is no longer what it will do to China but what it will do to the rest of the World," ella spurningurin er ikki longur hvat kinesiski [...] som er af samme systemændrende karakter, som da USA i begyndelsen af forrige århundrede for alvor trådte ind på scenen. Det Verden er vidne til i disse år, er den dramatiske fødsel af en ny supermagt [...] áðrenn handilin var undirskrivaður. Kinesiskar fyritøkur liggja framvið at keypa oljufeløg, sum hava know-how á off-shore økinum. Kinesarar satsa uppá framkomin økir sum bio-teknologi og it-ídnað (Jyllands-Posten)

Faroese waters. In order to be covered by FAS it is also necessary that the ship owner in question is a resident in the Faroe Islands. If the ship owner is a company it has to be registered in the Faroe Islands [...] n. Section 4 income is taxed by 27% whether the business is run by a company or by an individual. This type of income is assessed independently (ring fenced), and the income tax is calculated of this income [...] run as a company that is tax liable subject to the Hydrocarbon Tax Act only, pay tax on »derivative income« by 20%. C. Tax Rates. As is apparent from what I have outlined above, the tax liability is of great