French income declarations: average exchange rates for foreign income

Residents of France will be making their annual declarations of worldwide income this spring and, as usual, the issue of what exchange rate to use for foreign currencies arises.

Income not received in euros should, strictly speaking, be converted at Banque de France rates on the day of banking for declaration in the French income tax return.

The tax authorities have, however, tolerated use of an average rate for regular incomes in foreign currencies and have previously said that it is acceptable to use an average of the end-of-year rate for the tax year (2022 in this case) and the year before (2021).

Using this, we obtain for major English-speaking nations’ currencies:

• £1 = €1.158

• $1 US = €0.909

• $1 Canada = €0.694

• $1 Australia = €0.639

• $1 New Zealand = €0.599

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