Tax System in the Faroe Islands: what America and the world can learn from it

Re:Tax System in the Faroe Islands: what America and the wor... by messe on Sunday January 08, 2023 @07:58AM (#34298727)

> “When the year is over, almost everybody ends up with ‘Oh, it’s correct. I don’t have to pay any more, and I don’t get any money back,’” said Mørkøre. Continuous collection also eliminates the time risk of the government losing out on tax payments if companies go bankrupt before TAKS could cash their checks.

Is this not normal in most of Europe? In Ireland, I've found it's usually only off by a few cent at most, which is then adjusted for in the next calendar year by automatically reducing tax credits appropriately.

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Re:Tax System in the Faroe Islands: what America and the wor... by rmnwski on Sunday January 08, 2023 @08:31AM (#34298958)

In Germany it’s a complicated bureaucratic mess and people often get can get a lot back but of course not always.

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Re:Tax System in the Faroe Islands: what America and the wor... by moeffju on Monday January 09, 2023 @08:27AM (#34310040)

If you're employed and only have one job, it's actually pretty easy - in fact you don't have to do anything. For many if not most people in Germany, filing taxes is pretty much optional.

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Re:Tax System in the Faroe Islands: what America and the wor... by jakub_jo on Sunday January 08, 2023 @08:02AM (#34298756)

Yeah I think so. Often time it's invalid if you have periods without a job. So you paid too much in advance. Then you get it back.

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