Higher taxes hit Faroese fish farming sector
Fish farmers operating on the Faroe Islands are up against higher taxes now that a controversial plan has come to fruition.
While the aquaculture industry faces the tax hike currently, the rest of the conventional Faroese fishing industry has until the New Year after vessel owners and fish buyers failed to reach an agreement, according to local.fo.
A new left-of-center government is following through with its pledge to up spending on various welfare programs with funds ascertained from the seafood sector. The government hopes to raise DKK 108 million (USD 15 million; EUR 14.5 million) from the seafood sector, with major player Bakkafrost expected to pick up most of that tab.