According to Article 53, paragraph 1, letter a of Regulation (EU) 952/2013 of the European Parliament and of the Council of 9 October 2013, which established the Union Customs Code (UCC), the competent authorities publish and/or make available on their website the exchange rate applicable for determining the customs value where the value of goods has been expressed in a currency other than that of the Member State where that value has to be determined for customs purposes.
For the purposes of currency conversion, pursuant to Article 146 of Regulation (EU) No 2447/2015 (RE) and in accordance with the aforementioned article, the following exchange rates are used:
The exchange rate to be used is that published on the penultimate Wednesday of each month and, if no exchange rate has been published on that day, the most recent rate published applies (Art. 146, par. 2 RE).
The exchange rate applies for one month, starting from the first day of the following month (Art. 146, par. 3 RE).
If an exchange rate has not been published pursuant to paragraphs 1 and 2 of Article 146 RE, the rate to be used for the purposes of applying Article 53(1)(a) UCC is determined by the Member State concerned (Art. 146, par. 4 RE).
- The exchange rate published by the European Central Bank;
- The exchange rate published by the competent national authority or, if the national authority has designated a private bank for the purpose of publishing the exchange rate, the exchange rate published by that private bank for Member States whose currency is not the euro.
This monthly customs exchange rate mechanism ensures that when declaring the value of goods for import or export within the European Union, a consistent and legally defined currency conversion process is in place. This is particularly relevant when dealing with dollar euro conversion or any other currency pairing that necessitates translating the value into the local currency for customs valuation. The system aims to provide predictability and uniformity across member states, simplifying international trade operations concerning customs duties and taxes.
The regulation specifies a precise timeline for determining the applicable exchange rate. The rate is fixed based on the figures published on the penultimate Wednesday of each month. Should there be no publication on that specific Wednesday, the most recently published rate is utilized instead. This rate then becomes effective for a full month, commencing on the first day of the subsequent month. This consistent monthly cycle allows businesses to anticipate and apply the correct currency conversion rate for their customs declarations, aiding in accurate financial planning and compliance.
In instances where no exchange rate is published according to the standard procedure outlined in Article 146 RE, the responsibility for setting the applicable rate falls to the individual Member State involved. This provision ensures that even in exceptional circumstances, a mechanism exists to determine the exchange rate for customs purposes, maintaining the smooth functioning of cross-border trade. The sources for these exchange rates are clearly defined, prioritizing the rate published by the European Central Bank (ECB). Alternatively, rates published by national competent authorities, or designated private banks in non-Eurozone member states, are also acceptable. This multi-source approach ensures the availability of reliable and authoritative currency conversion data for all EU member states, regardless of their national currency, facilitating accurate euro dollar conversion or any other necessary currency adjustments for customs declarations.
