- FTA published FTA decision No. 13 of 2023 on 25th September 2023
- The decision provides guidance on the conversion of amounts to UAE Dirhams for Taxable Persons using a different currency for accounting purposes
- General rules for conversion include using the spot rate of the Central Bank of UAE, or the average monthly or annual exchange rate if the spot rate is not practical
- The chosen currency conversion method must be used continuously throughout the tax period and supported by records providing reasons, rates used, rationale, and mechanisms applied.
Source: premier-brains.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
