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 Foreign Exchange Rates: 2012 Tax Returns

February 15, 2013

If you have income denominated in currencies other than Euro, you may wonder which exchange rate you should use when preparing your tax return and calculating your liability.

Revenue have just published their official exchange rates for a range of currencies for 2012, based on Central Bank rates.

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

Average Market Mid-Closing Exchange Rates v. €
2009 2010 2011 2012
Australian dollar 1.7727 1.4423 1.3484 1.2407
Canadian dollar 1.5850 1.3651 1.3761 1.2842
Danish krone 7.4462 7.4473 7.4506 7.4437
Japanese yen 130.34 116.24 110.96 102.49
Norwegian krone 8.7278 8.0043 7.7934 7.4751
Pound sterling 0.8909 0.85784 0.86788 0.81087
Swedish krona 10.6191 9.5373 9.0298 8.7041
Swiss franc 1.5100 1.3803 1.2326 1.2053
US dollar 1.3948 1.3257 1.3920 1.2848

These rates apply to all trading, rental, employment, investment and other income denominated in non-Euro currency.

Lloyds Accounts

A separate 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 = €1.22534.

The newly-published Revenue eBrief publishing these details is here.

Revenue scrap ROS online Amend Tax Return facility

April 30, 2012

Revenue have withdrawn their ROS facility to amend an income tax return online.

Back in September 2010, Revenue added a useful feature to their ROS site which allowed a user to amend online a previously-filed Form 11 Income Tax return.  At the time, I heartily welcomed this move and hailed it as ‘an important innovation’. In the intervening 20 months or so, I used it on a number of occasions, most commonly as a particularly easy way of claiming a tax credit or allowance that had been omitted from an original tax return.  I found the facility to be both useful and straightforward to use.

This morning I was reviewing the tax records of a client who had reached 65 years of age in late 2010 but hadn’t previously notified either myself or Revenue of this fact. He was therefore entitled to an Age Credit for 2010, along with PRSI exemption and partial Income Levy exemption for that year.

I accessed ROS to amend his 2010 tax return accordingly but I could not find any links to access the ‘Amend Form 11’ facility. A quick google search yielded a blank apart from my own blog post of September 2010 which outlined the steps involved in amending a return on ROS and a link to the relevant Revenue eBrief which was issued around that time.  I was dismayed to find the eBrief link was dead, bringing me to a ‘Page not found’ page within the site.

Increasingly puzzled, I tried the ROS help section of and its ROS FAQ – Form 11 page which told me:

“Can I avail of ROS to file an amended Form 11?     
Unfortunately at this time if you have previously filed a Form 11, on either paper or through ROS, you will not be presented with the option of filing an amended return.”

Finally admitting defeat, I then had to resort to writing a letter to Revenue asking them to (i) update and amend my client’s 2010 Form 11 accordingly; and (ii)  issue a new Income Tax assessment including the Age Credit and exemptions. My letter has just gone off in the post. I expect that it will reach Revenue in 1-2 days time and they will presumably deal with it in due course. No matter how efficiently they manually process it, the service cannot match the speed and efficiency of the automatic ROS service.

I am disappointed that Revenue have withdrawn the facility to amend returns online via ROS, and it seems to be a retrograde step for everyone concerned.

It is doubly disappointing that they didn’t alert accountants and taxpayers of the move, choosing instead to merely delete the eBrief that had previously explained the feature. Maybe I’m expecting too much, but a fresh eBrief announcing the change would at least have made ROS users aware that the feature no longer existed – saving both their own and their clients’ time. Hopefully Revenue will reintroduce the facility before too long.

Revenue extend Pay & File Tax Return Deadline

November 7, 2011

In a surprising move, Revenue have announced today that they have extended next week’s ROS online Pay & File Tax Deadline by 24 hours. The original deadline of Tuesday 15 November is now extended until midnight on Wednesday 16 November.

This new deadline covers the following

  • online filing of Form 11 Income Tax Returns on ROS
  • online payment of 2010 Income Tax liability
  • payment of Preliminary Tax for 2011.

Today’s Revenue statement does not mention any extension to the deadline for making Pension/AVC contributions which qualify on a back-dated basis for tax relief for 2010. If you are considering making such a contribution in the coming days in order to obtain 2010 tax relief, I suggest that you do so by the original deadline of next Monday – at least until and unless Revenue confirm in the meantime that the pension relief deadline is also extended.

I have no idea why Revenue have at this late stage opted to extend the deadline by a day. Perhaps it is compensation of sorts for last week’s 31 October deadline for paper-filed tax returns, which fell on Bank Holiday Monday when Revenue offices were closed and many accounting and tax firms found themselves having to open on the Bank Holiday.

Either way, the deadline extension is very welcome, although it would have been simpler and easier for everyone concerned had this change been made months ago.  Spare a thought for your accountant or tax advisor if they have already made holiday or ‘quality time’ plans for Wednesday 16 November!

The ROS Technical Helpdesk will now be open until midnight on 16 November 2011.

Less Frequent Business Tax Returns on the way

November 4, 2011

Revenue have this week announced that more small businesses will be qualify for reduced frequency VAT, PAYE/PRSI, & RCT tax returns and payments in 2012.

With effect from 1 January 2012, businesses whose annual VAT bills are less than €3,000 will only be required to file VAT returns and pay VAT liabilities every 6 months. If their annual VAT bills are between €3,000 and €14,400, they will file and pay every 4 months.

In addition, employers and contractors whose annual PAYE/PRSI or RCT liabilities are less than €28,800 will be eligible to make quarterly P30 & RCT30 returns and payments.

Revenue state that this will mean improved cashflow and less form-filling for eligible businesses.

They will soon be writing to businesses that they believe to be eligible for these new arrangement. If you don’t hear from them, but feel that your business should be eligible, (for example due to falling turnover), you should get in touch with Revenue before the end of December.

2011 Form CT1 Corporation Tax Return now online

May 19, 2011

Revenue have today unveiled the ROS Form CT1 Corporation Tax Return for 2011.

For the first time ever, this year’s CT1 return includes an an optional facility to pre-populate the tax return with data extracted from the company’s CT1 tax return for 2010. This useful feature is included in both the ROS on-line and ROS off-line applications.

Online CT1 filing is now compulsory for most companies from 1 June 2011. Revenue have now also published a downloadable pdf-format paper CT1 return to facilitate the remaining companies who are still permitted to file paper returns.

Thankfully Revenue have now ceased the wasteful practice of mass-producing paper CT1 returns, most of which ended up in recycling bins.

For more, see todays Revenue eBrief on the 2011 CT1 return, and the recent eBrief on mandatory e-filing.  Revenue have promised to publish soon a further eBrief on how to use the pre-population facility on the new CT1 tax returns.