Conversion of amounts expressed in pesetas into euros

In cases where monetary amounts must be included in the Corporate Tax declaration that, because they were generated in periods prior to 2002 , are expressed in pesetas (deductions pending application, negative tax bases pending compensation...), these amounts must be recorded in euros, expressed with two decimal places, applying the conversion rule set out below:

1. Conversion rule

To carry out the conversion from pesetas to euros, the monetary amount in pesetas must be divided by 166.386 (irrevocable conversion rate). The resulting amount must be rounded, up or down, to the nearest cent. If an amount is obtained whose last figure is exactly half a cent, the rounding will be done to the highest cent.

2. Rounding rule of thumb

Once the division of the amount in pesetas by the conversion rate has been made, if the third decimal of the amount obtained is the number 5 or a higher number, the immediately higher one will be taken as the second decimal. On the contrary, if the third decimal is the number 4 or a lower number, the second decimal of the amount obtained will not be modified.