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Good to know. I was under the assumption you were to use the price at the time of the transaction. The daily spot price seems like a huge risk for businesses.
by mattferderer 8y ago
Good to know. I was under the assumption you were to use the price at the time of the transaction.
The daily spot price seems like a huge risk for businesses.
- tim333 8y agoI'm more up on the UK system than the US but how it kind of works here is technically the liability is the price at the time of the transaction but they don't mind you estimating or using approximate prices if it doesn't have a large effect on the tax liability.
- oarsinsync 8y ago> The daily spot price seems like a huge risk for businesses. You factor it into your pricing models. Take the daily spot price from the day before, go +/- 3 cents in your favour, and you're probably fine. Unless you're dealing with a hugely volatile currency, you're unlikely to see more than a 1 or 2 cent variation on a day by day basis.