January 21, 2017

Adjustment of Foreign Currency Prices for Tax Purposes

On 22 December 2016, the Minister of Finance issued Decree No. 418 of 2016 determine the difference between the official and parallel market prices of the foreign currencies for purposes of calculating income taxes for the years 2013, 2014 and 2015.

Such difference is set at (4%) for the year 2013 and 2014, and (3%) for the year 2015. Negotiations are still ingoing in relation to the difference of the exchange rates during the year 2016.

The Decree applies on the entities which purposes necessitate dealing in foreign currencies; particularly importation and exportation activities.

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