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I have been told, that an overseas company selling in USA need to collect consumption tax and pay it back to US. However, our company is going to charge our customers in Australian dollars. Thus, to lodge a tax report in US we must convert AUD to USD. And we would need to use currency conversion rates set by federal reserve on a day of our report submission. Where can I request these rates?

I thought it would be Federal Reserve Web site RSS or CSV

But the data are published weekly at 4:15 there.

What resource should I use for currency conversion rates?

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The premise of the question is wrong: The U.S. has no authority or means to compel a company not under its jurisdiction to send it taxes taxes.

Furthermore, the U.S. government has no general "consumption tax." Many (but not all) states and municipalities have different "sales and use tax" rates, and different goods and services to which they apply.

At present the authority of those various jurisdictions to require collection of those taxes on companies located in other states – even within the U.S. – is limited.

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    Well you are wrong. There is the result of 2018 US Supreme Court decision South Dakota v. Wayfair, which overruled an earlier court decision prohibiting states from imposing a sales tax collection obligation on a seller unless the seller had a “physical presence” in the state. 24 states have economic thresholds in effect by 1 January 2019 and more are expected to soon follow. – Yevgeniy Afanasyev Jul 23 at 1:28
  • I have added more links to the question. – Yevgeniy Afanasyev Jul 23 at 2:58
  • The premise of the question is right, although as noted in the other comment, only recently so. – ohwilleke Jul 23 at 5:46
  • @YevgeniyAfanasyev - Yes, more U.S. states are cooperating to impose sales taxes regardless of the seller's nexus. But there is currently no law or treaty by which they can requires businesses outside of the U.S. to collect sales and use tax. (The federal government imposes tariffs and duties on some specific goods, often depending on their country of origin. Those are collected from the importer of the goods.) – feetwet Jul 24 at 22:29
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The exchange rates that you are looking for is reported at this Department of Treasury website. Historical rates are available at a website linked to on this Department of Treasury page.

Resources from the U.S. Internal Revenue Service regarding how to apply these laws is found at the IRS website, which strictly speaking applies only to federal taxes and not to state and local sales taxes.

But many, if not most, states and local governments adopt the IRS rules for determining exchange rates by reference, and any state or local government that does not expressly provide how exchange rates are to be determined would very likely defer to the IRS guidance if a foreign taxpayer used it to make the exchange rate conversion.

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  • So I was wrong saying that we must "use currency conversion rates ... on a day of our report submission." It was correct for Europe. In US it is not that clear. Your link says: "At the end of the year, translate the results, such as income or loss, into U.S. dollars to report on your income tax return." - it is still unclear what rate should we use? What is "the end of the year"? Is it the last day of the financial year? 30 June? Maybe they meant "end of taxable period"? – Yevgeniy Afanasyev Jul 30 at 6:52
  • For example Alabama. If we need to report for January sales we can apply the tax report till February 20. Say we decided to apply it on 15-th of Feb. Should we use conversion rates that were set on January 31? – Yevgeniy Afanasyev Jul 30 at 6:52
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    It is entirely possible that no one has thought out the issue clearly enough in the state tax collection agency for there to be a well defined answer. – ohwilleke Jul 31 at 2:36

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