My 2013 Tax Return: Which Exchange Rate Is Best?

If you have income denominated in a non-Euro currency, you may wonder which is the most appropriate exchange rate to use when preparing your 2013 tax return and calculating your tax liability.

Revenue have just published their official exchange rates for a range of currencies for 2013, based on Central Bank rates.

These are as follows, along with  the corresponding rates for earlier years.

Average Market Mid-Closing Exchange Rates v. €
2010 2011 2012 2013
UK Pound Sterling GBP 0.85784 0.86788 0.81087 0.84926
US Dollar USD 1.3257 1.392 1.2848 1.3281
Other Currencies
Australian dollar AUD 1.4423 1.3484 1.2407 1.3777
Brazilian real BRL 2.3314 2.3265 2.5084 2.8687
Canadian dollar CAD 1.3651 1.3761 1.2842 1.3684
Chinese yuan CNY 8.9712 8.996 8.1052 8.1646
Danish krone DKK 7.4473 7.4506 7.4437 7.4579
Indian rupee INR 60.5878 64.8859 68.5973 77.93
Japanese yen JPY 116.24 110.96 102.49 129.66
Norwegian krone NOK 8.0043 7.7934 7.4751 7.8067
Russian ruble RUB 40.2707 40.8846 39.9262 42.337
Swedish krona SEK 9.5373 9.0298 8.7041 8.6515
Swiss franc CHF 1.3803 1.2326 1.2053 1.2311

Revenue Foreign Currency Euro Exchange Rates for 2013 Tax Returns

Lloyds Accounts

A special rate applies for conversion of Lloyds Account amounts from sterling to euro. This is based on the sterling mid-closing rate on the last market day of each calendar year, as per the Central Bank. The rate for 2013 is Stg £1 = €1.19947.

The above figures are detailed in today’s Revenue eBrief.

 

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