Conversion rate

Transactions carried out in foreign currencies must be converted into euros for tax purposes. The BMF is responsible for determining the exchange rate to be used for the conversion in the area of sales tax. The average rates are published monthly by the BMF in the Federal Tax Gazette. If proof is provided, daily rates can be used after approval by the tax office (Section 16 (6) UStG). In income tax law, a conversion is also necessary for the valuation of assets.

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