VAT return in Foreign Currency

In preparing VAT return, to convert foreign currency to AED values,which currency rates to be used? Confirming - is it that prevailing on the date of supply.

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SAJITH NAIR26/03/2020 11:51:00

You need to apply Central Bank prescribed exchange rates as on the date of supply. This is not just for preparing return, your foreign currency invoices should display the equivalent AED value as per the applicable rates. Refer the below link for the rates: https://www.centralbank.ae/en/fx-rates

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Vishal Kapoor26/03/2020 17:51:49

Thanks Sajith for the link

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