Hi, I have CZK as my base currency. But for tax purposes (AFAIK) you usually get the data (crypto prices) in USD and then convert to CZK using one of the allowed official conversion rates. There is an official (set by the Czech state) yearly or daily rate of USD/CZK.
So how does Koinly convert to CZK for say BTC? Does it take directly the price of BTC in CZK or does it use USD and the official conversion rate? If it uses something else, I think my only option is to use USD as my base currency and convert manually.
Check out the article below regarding how fiat currencies are set in Koinly:
How Koinly sets the market price for your transactions
The article says:
“If your base currency is different from USD then Koinly will apply additional rate conversions to determine the market value of USD in your base currency on the date of the transaction.
The price source for the conversion of USD to Base currency (ex. EUR, AUD, GBP etc) comes from sources such as the European Central Bank. The rates are synced once a day.”
But it seems to me that it is not helpful for taxes in Czechia. Ideally the user would choose the conversion metod - either daily or yearly official Czech tax office rate. Choosing it allows for some perfectly legal tax optimization.
Currently I think the correct option for me is to use USD as my base currency and do the conversion manually. (Which is easy for the yearly rate, but difficult for the daily rate)
You are welcome to submit a feature request on our feedback portal for our developers to review and consider for implementation.
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