Corporate income tax (CIT) - statutory and targeted small business in Faroe Islands
Faroe Islands: Corporate income tax (CIT) - statutory and targeted small business was 18 Percentage of taxable income in 2026. ▼ Falling
Corporate income tax (CIT) - statutory and targeted small business in Faroe Islands, 2000–2026
Source: Organisation for Economic Co-operation and Development. Measured in Percentage of taxable income.
Analysis
In 2026, corporate income tax (cit) - statutory and targeted small business in Faroe Islands stood at 18 Percentage of taxable income. That is the lowest value across all 27 years on record.
The figure is unchanged over ten years.
Over the whole period, corporate income tax (cit) - statutory and targeted small business in Faroe Islands peaked at 20 Percentage of taxable income in 2000 and was at its lowest, 18 Percentage of taxable income, in 2006.
That places Faroe Islands 89th out of 128 countries with data for 2026, putting it in the middle of the range.
The long-run direction has been consistently falling across the 27 years of available data.
Corporate income tax (CIT) - statutory and targeted small business in Faroe Islands, year by year
| Year | Percentage of taxable income | Change |
|---|---|---|
| 2000 | 20 Percentage of taxable income | — |
| 2001 | 20 Percentage of taxable income | +0.0% |
| 2002 | 20 Percentage of taxable income | +0.0% |
| 2003 | 20 Percentage of taxable income | +0.0% |
| 2004 | 20 Percentage of taxable income | +0.0% |
| 2005 | 20 Percentage of taxable income | +0.0% |
| 2006 | 18 Percentage of taxable income | -10.0% |
| 2007 | 18 Percentage of taxable income | +0.0% |
| 2008 | 18 Percentage of taxable income | +0.0% |
| 2009 | 18 Percentage of taxable income | +0.0% |
| 2010 | 18 Percentage of taxable income | +0.0% |
| 2011 | 18 Percentage of taxable income | +0.0% |
| 2012 | 18 Percentage of taxable income | +0.0% |
| 2013 | 18 Percentage of taxable income | +0.0% |
| 2014 | 18 Percentage of taxable income | +0.0% |
| 2015 | 18 Percentage of taxable income | +0.0% |
| 2016 | 18 Percentage of taxable income | +0.0% |
| 2017 | 18 Percentage of taxable income | +0.0% |
| 2018 | 18 Percentage of taxable income | +0.0% |
| 2019 | 18 Percentage of taxable income | +0.0% |
| 2020 | 18 Percentage of taxable income | +0.0% |
| 2021 | 18 Percentage of taxable income | +0.0% |
| 2022 | 18 Percentage of taxable income | +0.0% |
| 2023 | 18 Percentage of taxable income | +0.0% |
| 2024 | 18 Percentage of taxable income | +0.0% |
| 2025 | 18 Percentage of taxable income | +0.0% |
| 2026 | 18 Percentage of taxable income | +0.0% |
Faroe Islands compared with similar countries
- Faroe Islands's 18 Percentage of taxable income is below the median for high income countries, which is 21.5 Percentage of taxable income, 84% of the median. (60 countries reporting)
- Faroe Islands's 18 Percentage of taxable income is below the median for Europe & Central Asia, which is 19.74 Percentage of taxable income, 91% of the median. (40 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 19.2 Percentage of taxable income | 18 Percentage of taxable income | 20 Percentage of taxable income | 10 |
| 2010s | 18 Percentage of taxable income | 18 Percentage of taxable income | 18 Percentage of taxable income | 10 |
| 2020s | 18 Percentage of taxable income | 18 Percentage of taxable income | 18 Percentage of taxable income | 7 |
Countries ranked near Faroe Islands
- 87 Switzerland 19.47 Percentage of taxable income compare
- 88 Brunei Darussalam 18.5 Percentage of taxable income compare
- 89 Ukraine 18 Percentage of taxable income compare
- 89 Armenia 18 Percentage of taxable income compare
- 89 San Marino 18 Percentage of taxable income compare
More economy & growth data for Faroe Islands
- Exports of goods and services (current US$), per unit of GDP 0.5456 current US$ per US$ of GDP (2024)
- Gross capital formation (current US$), annual growth rate -7.73 % change on previous year (2024)
- Exports of goods and services (current LCU), per capita 279,001 current LCU per person (2024)
- Exports of goods and services (current LCU), per unit of GDP 3.76 current LCU per US$ of GDP (2024)
- Exports of goods and services (current LCU), annual growth rate -1.89 % change on previous year (2024)
- Exports of goods and services (current US$), per capita 40,467 current US$ per person (2024)
- Gross national expenditure (current LCU), per capita 494,217 current LCU per person (2024)
- Gross national expenditure (current LCU), annual growth rate 0.4583 % change on previous year (2024)
- Gross national expenditure (current LCU), per unit of GDP 6.66 current LCU per US$ of GDP (2024)
- Gross capital formation (current US$), per unit of GDP 0.2817 current US$ per US$ of GDP (2024)
Frequently asked questions
- What is corporate income tax (cit) - statutory and targeted small business in Faroe Islands?
- Corporate income tax (cit) - statutory and targeted small business in Faroe Islands was 18 Percentage of taxable income in 2026, according to Organisation for Economic Co-operation and Development.
- What is the highest corporate income tax (cit) - statutory and targeted small business recorded in Faroe Islands?
- The highest recorded value was 20 Percentage of taxable income in 2000.
- What is the lowest corporate income tax (cit) - statutory and targeted small business recorded in Faroe Islands?
- The lowest recorded value was 18 Percentage of taxable income in 2006.
- How does Faroe Islands rank for corporate income tax (cit) - statutory and targeted small business?
- Faroe Islands ranks 89th out of 128 countries with data for 2026.
- Is corporate income tax (cit) - statutory and targeted small business rising or falling in Faroe Islands?
- Over the last ten years it is unchanged. The long-run trend across the full record is falling.
- Where does this Faroe Islands data come from?
- The figures come from Organisation for Economic Co-operation and Development, published as part of Corporate income tax (CIT) - statutory and targeted small business rates — Combined corporate income tax rate. Statizoid updates them automatically from the source API.
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About this data
Statutory and targeted, sub-central and combined corporate income tax (CIT) rates. Targeted rates of 'small incorporated business' are on the basis of size alone (e.g. number of employees, amount of assets, turnover or taxable income) and not on the basis of expenditures or other targeting criteria. Targeted rates data are only available for OECD member countries.