Revenue’s Exchange Rates for 2016 Tax Returns

February 2, 2017

Revenue have just published the official 2016 average foreign currency exchange rates which should be used to convert foreign currency amounts in 2016 tax returns.

You should use these rates when converting to Euro, any income (whether from trading, rental, employment, investment or other sources) which is denominated in Sterling, Dollars or other currencies.

The rates are based on average Central Bank exchange rates throughout 2016. These, and the corresponding rates for earlier years, are as follows:

Average Market Mid-Closing Exchange Rates v. Euro
2013 2014 2015 2016
Australian dollar AUD 1.3777 1.4719 1.4777 1.4883
Brazilian real BRL 2.8687 3.1211 3.7004 3.8561
British pound Sterling GBP 0.84926 0.80612 0.72585 0.81948
Canadian dollar CAD 1.3684 1.4661 1.4186 1.4659
Chinese yuan CNY 8.1646 8.1857 6.9733 7.3522
Danish krone DKK 7.4579 7.4548 7.4587 7.4452
Indian rupee INR 77.9300 81.0406 71.1956 74.3717
Japanese yen JPY 129.66 140.31 134.31 120.20
Norwegian krone NOK 7.8067 8.3544 8.9496 9.2906
Russian ruble RUB 42.3370 50.9518 68.0720 74.1446
Swedish krona SEK 8.6515 9.0985 9.3535 9.4689
Swiss franc CHF 1.2311 1.2146 1.0679 1.0902
US dollar USD 1.3281 1.3285 1.1095 1.1069

Unsurprisingly, the 2016 rate for the British Pound reflects its fall after the Brexit referendum vote last June, but note that it’s still only marginally higher than the corresponding figure for 2014, and it’s actually lower than the 2013 figure.

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 2012 is Stg £1 = €1.16798.

The new Revenue eBrief publishing these details is here.


Revenue Exchange Rates for 2015 Tax Returns

February 11, 2016

The Revenue Commissioners have just published their official 2015 average foreign currency exchange rates for 2015 tax returns.

When preparing your 2015 Income Tax return, you should use the specified Revenue rate to convert any income denominated in Sterling, Dollars or another currency, to Euro.

A payslip with a calculator and pen

The rates for 2015 and earlier years are as follows.

                          Average Market Mid-Closing Exchange Rates v. Euro
2012 2013 2014 2015
Australian dollar AUD 1.2407 1.3777 1.4719 1.4777
Brazilian real BRL 2.5084 2.8687 3.1211 3.7004
British pound GBP 0.81087 0.84926 0.80612 0.72585
Canadian dollar CAD 1.2842 1.3684 1.4661 1.4186
Chinese yuan CNY 8.1052 8.1646 8.1857 6.9733
Danish krone DKK 7.4437 7.4579 7.4548 7.4587
Indian rupee INR 68.5973 77.9300 81.0406 71.1956
Japanese yen JPY 102.49 129.66 140.31 134.31
Norwegian krone NOK 7.4751 7.8067 8.3544 8.9496
Russian ruble RUB 39.9262 42.3370 50.9518 68.0720
Swedish krona SEK 8.7041 8.6515 9.0985 9.3535
Swiss franc CHF 1.2053 1.2311 1.2146 1.0679
US dollar USD 1.2848 1.3281 1.3285 1.1095

Lloyds Accounts

A special rate applies to convert Lloyds Account amounts from sterling to euro.

This is based on the sterling mid-closing rate on the last market day of the calendar year, as per the Central Bank.

The rate for 2015 is Stg £1 = €1.3625.

The new Revenue eBrief publishing these details is here.


My 2013 Tax Return: Which Exchange Rate Is Best?

January 21, 2014

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.