Preliminary tax assessment
The preliminary tax assessment, fyribilsskattaskráseting in Faroese, is the way you notify TAKS of how much you expect your B-income to be in the year. TAKS uses this information to write B-tax bills. The difference is then settled in the final tax statement.
Download the preliminary tax assessment form, available on this website, complete it, and return it to TAKS. Find it under Forms.
The net result for the current year is automatically carried forward as income used for B-tax predictions in the following year.
TAKS sends out B-tax bills once a month.