is tax liable according to the Hydrocarbon Tax Act; or in addition subject to the ordinary tax legislation. B1 Tax liability subject to both the Hydrocarbon Tax Act and subject to the ordinary tax legislation [...] earner is tax liable subject to the Hydrocarbon Tax Act only, he has to pay a definitive tax of 35% of his gross income. It also means that the wage earner shall not submit a Personal Income Tax Return, but [...] 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

which meant high taxes - at the time.« »I got 83,000 (pounds) for 57 acres - a great deal of money in those days - but the Government took away more than 80 per cent in capital gains tax.« »That didn't leave [...] at the plant, oil and gasses more valuable than those that light the night sky are shipped by tanker to destinations throughout Britain and Europe. During negotiations with the original owners of the terminal [...] decline over the first 70 years of the 20th century.« To date, more than 2 billion barrels of crude oil have been processed at the terminal, along with almost 49 million barrels of propane gas. In addition, oil

will be other ? more incidental ? kinds of activities, that follow the oil industry, such as services provided by lawyers (with expertise in oil and gas law), accountants/auditors, tax-consultants, etc [...] Islands, Tórshavn, that will offer legal services to the oil-industry and the connected service-industry both in relation to Faroese legal issues and in relation to the more specific and/or special oil and gas [...] from the oil-industry to remain in the Faroes, but more importantly has been based on the wish that the Faroese society, through the active involvement with the oil-industry, should gain skills, capability

that the visitor leaves with the best impressions of the host country. They will be wined and dined and strenuous efforts will be made to meet whatever individual wishes they have with regard to sightseeing [...] visits with their eyes open then the links that are created can only help the Faroe Islands. The British clearly have an agenda based on their national interests to pursue in their engagement with the Faroe [...] relationship and to pursue this with equal determination. There must after all be large areas of mutual interest. This means it is time for some strategic thinking about relations with the Faroe Islands closest