The Faroese Parliament on Wednesday passed a law proposing new progressive tax rates on the country's salmon farming sector, lifting the top tax rate to 20 percent -- a sharply higher maximum than the current rules.
The law, which takes effect Aug. 1, will apply tax rates ranging from 0.5-20 percent based on the differential between average salmon prices on the Fish Pool Index and average production costs for all farming companies operating in the Faroes.
On the lowest end, the industry would pay a .5
