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V1531-21 ·24 May 2021 ·consulta-vinculante Medium impact
Tax

The official European Central Bank exchange rate must be used to convert sterling salaries into euros

A resident in Spain working in Gibraltar has enquired about the exchange rate to be applied when converting their sterling salary into euros for income tax purposes. The Directorate-General for Taxes (DGT) has ruled that the official exchange rate must be used.

In 5 key points

How it affects those involved

This ruling clarifies the specific exchange rate mechanism for taxpayers receiving foreign currency income, ensuring consistency with official tax administration standards.

Lifecycle

2021-05-24PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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