Reconcile differences between USD and AED exchange rates for imports
When we import goods, the customs uses an exchange rate to convert the USD value of goods in Dirhams. However, when we pay VAT, we have to use the Central Bank exchange rate. Is this correct? And how do we reconcile the differences.
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SAJITH N03/02/2020 16:29:28
There is no mandatory requirement to adjust for the FX rate difference on imports due to different rates used by Customs and Central Bank, You may choose not to adjust for this variance in Box 7 of the return. If you choose to adjust you can prepare a recon sheet and revalue the Box 6 populated figures using Box 7.
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