Conversion of amounts expressed in pesetas into euros

In cases where monetary amounts must be included in the Corporate Tax return that, having been generated in periods prior to 2002 , are expressed in pesetas (deductions pending application, negative tax bases pending offsetting, etc.), these amounts must be stated in euros, expressed with two decimal places, applying the conversion rule set out below:

1. Conversion rule

To convert 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 digit is exactly half a cent, rounding will be done to the next cent.

2. Practical rounding rule

Once the amount in pesetas has been divided by the conversion rate, if the third decimal of the amount obtained is the number 5 or a higher number, the next higher decimal 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 obtained amount will not be modified.