VAT in local currency and exchange rates 

A business operating in different regions with Value Added Tax (VAT) configured within the Chargebee site displays the VAT amount on the invoices. This amount is displayed in the local currency of the countries mentioned in the table.

The following settings must be enabled to display the invoices and credit notes PDF with local currencies in the respective regions.

When this setting is enabled, the user is able to view the options listed below:

  • Display the amount of VAT payable in local and invoice currency.

  • Display the total amount excluding VAT in local currency.

  • Display the total invoice amount in the local currency.

The list of local currencies and source exchange rates for the different countries, along with the conversion method:- 

Country

Local Currency

Source

Conversion method

Indonesia

Indonesian Rupiah (IDR)

Source of exchange rates - https://www.bi.go.id/en/statistik/informasi-kurs/transaksi-bi/Default.aspx as per the legal mandate.

  1. Bank Indonesia rates are used for conversion.

  2. Spot exchange rate is the average of the Sell and Buy rates = (Sell + Buy) / 2

  3. The exchange rates are updated at 08.00 AM Western Indonesian time (WIB timezone).

  4. For currencies not available in our source, a direct conversion of this currency to IDR is done using Chargebee currency converter (Currency Layer or Open Exchange).

Taiwan

New Taiwan Dollar (NT$)

Source of exchange rates - https://rate.bot.com.tw/xrt?Lang=en-US as per the legal mandate.

  1. Bank of Taiwan rates are used for conversion.

  2. Spot exchange rate is the average of the Spot Sell and Buy rates = (Sell + Buy) / 2

  3. The exchange rates are updated at 4PM Taiwan time.

  4. For currencies not available in our source, a direct conversion of this currency to New Taiwan Dollar is done using Chargebee currency converter (Currency Layer or Open Exchange).

Malaysia

Malaysian Ringgit (RM)

Source of exchange rate is the European Central Bank.

  • For currencies available in ECB rates API using ECB rates. The rates are already being fetched for EU can use the same for Malaysia.

  • Rates are going to be updated at 4 PM EST

  • For currencies not available in ECB rates API - convert using Chargebee currency converter to Euros then using ECB rates to the local currency.

  • This applies only when invoice currency is any currency other than ZAR.
Was this article helpful?
Loading…