The Faroe Islands’ 2019/2020 peer review recommended that the Faroe Islands take steps to amend legislation or otherwise clarify that an MNE Group should consider its requirement to file using the consolidated group revenue of its fiscal year immediately preceding a reporting fiscal year for comparison with the threshold. The Faroe Islands has amended its legislation and this recommendation is removed.1
The Faroe Islands’ 2019/2020 peer review recommended that the Faroe Islands take steps to amend legislation or otherwise clarify that there are no exemptions from the filing requirement for MNE Groups who meet the threshold requirement in the Faroe Islands. The Faroe Islands has amended its legislation and this recommendation is removed.2
The Faroe Islands’ 2019/2020 peer review recommended that the Faroe Islands take steps to amend legislation or otherwise clarify that a CbC report should be filed within 12 months of the end of the reporting period the report applies to. The Faroe Islands has clarified that this is an issue of translation and that the CbC report should be filed within 12 months of the end of the reporting period the report applies to, and this recommendation is removed.
It is recommended that the Faroe Islands take steps to implement procedures to ensure effective implementation of the filing requirement. This recommendation remains in place since the 2019/2020 peer review.
The Faroe Islands has a legislative requirement for local filing which is in effect despite the Faroe Islands not yet meeting all of the consistency, confidentiality and appropriate use conditions. It is therefore recommended that the Faroe Islands take steps to ensure that local filing only occurs in the circumstances permitted under the minimum standard. This recommendation remains in place since the 2022/2023 peer review.
