Doctrine by topic · DGT Observatory

Exchange Differences: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

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How the DGT's position has evolved

Settled doctrine High confidence 8 rulings · 2015–2025

Current position

Differences resulting from the exchange of foreign currency to national currency generate a capital gain or loss pursuant to Article 33 of Law 35/2006, provided that no economic activity exists. The result is determined by the difference between the acquisition value and the value of the transfer or reimbursement in euros, using the exchange rate in effect at each moment. If the collection or payment is made in foreign currency, the result is attributable to the moment of the actual exchange.

The position of the DGT remains constant regarding the treatment of exchange differences as capital gains or losses. Throughout the rulings, it has been reaffirmed that the calculation must be carried out by converting the acquisition and transfer values into euros. No changes in criterion are observed, but rather a repeated application of the regulations to different scenarios such as prizes, shares, or amortizations.

Analysis based on 8 of 8 rulings with a stated position. Updated 1 October 2026.

Rulings on this topic

8
V1434-23 25 May 2023

Bond yield calculated in original currency and converted to euros

SG de Tributación de las Operaciones Financieras
rendimientos del capital mobiliarioamortización de valoresbase de retencióndiferencias de cambiodeuda pública LIRPF — Ley 35/2006 del IRPF art. 14.2.eLIRPF — Ley 35/2006 del IRPF art. 25.2.b
Affects CompanyExpat · Non-residentIndividual
V0775-21 31 Mar 2021

Gains from foreign shares and funds calculated in euros

SG de Tributación de las Operaciones Financieras
ganancia patrimonialinstituciones de inversión colectivatipo de cambiovalor de adquisiciónvalor de transmisión LIRPF — Ley 35/2006 del IRPF art. 33.1LIRPF — Ley 35/2006 del IRPF art. 34
Affects CompanyExpat · Non-residentIndividual
V2026-20 19 Jun 2020

Sale of foreign property in non-euro currency generates capital gain or loss

SG de Impuestos sobre la Renta de las Personas Físicas
ganancia patrimonialvalor de adquisiciónvalor de transmisióndiferencias de cambiobase imponible del ahorro LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 14.2.e
Affects CompanyExpat · Non-residentIndividual
V2705-17 23 Oct 2017

Lottery prize and currency conversion taxed in different fiscal years

SG de Impuestos sobre la Renta de las Personas Físicas
ganancias y pérdidas patrimonialesdiferencias de cambiovalor de adquisiciónvalor de transmisiónperiodo impositivo LIRPF — Ley 35/2006 del IRPF art. 14.1.cLIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual

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