If you want to know more about the End Selling Price Report, please read this article.
Who is responsible for tax on the Retail Rate?
You are responsible for remitting any applicable taxes such as VAT included in the Retail Rate to your local tax authorities. These local tax authorities have certain rules around converting foreign currency into local currency. These rules can vary from the use of a certain central bank to the date which you need to use.
Why do we not convert the Retail Rate to your preferred currency?
All these rules have an impact on the tax amount that you need to report in your tax return. We cannot take the responsibility to convert your Retail Rate in your currency as we don’t have all the rules applicable in your country. Also, we cannot take the responsibility as we may calculate a different Retail Rate in your currency than that you will do yourself (in accordance with your local rules). This could result in incorrect tax remittance by you.
But what can you do?
The local tax authorities website often provides clarity on which central bank should be used. Also BIG4 tax advisory firms provide country guidance on their websites related to “foreign currency invoices”.
We recommend reaching out to your finance advisor should you have any questions on the rules in your country.