Phnom Penh – In an effort to streamline the VAT refund process and promote the use of the national currency, the Ministry of Economy and Finance has announced new guidelines requiring taxpayers to utilize riel bank accounts when requesting refunds.

The Ministry stated that these measures aim to make VAT refunds faster, more timely, and more efficient. The guidelines specifically target large and medium-sized taxpayers, as well as foreign diplomatic missions, consular posts, and international organizations seeking VAT reimbursements.

According to the Ministry's announcement, taxpayers must ensure that they have a riel bank account registered in the General Department of Taxation's data management system to receive their VAT refunds. For those without a riel account, the guidelines stipulate the necessity of opening such an account and updating relevant banking information with the tax authorities.

Notably, the Ministry's directives allow foreign diplomatic and consular missions, along with international organizations and other government technical cooperation agencies, to receive VAT refund payments even if they do not yet possess riel bank accounts, providing a deadline of December 31, 2024, for compliance.

The Ministry of Economy and Finance expressed hope that all stakeholders, including large and medium taxpayers, would heed these instructions, which are designed to enhance the overall efficiency of the VAT refund process in Cambodia.

As the country continues to promote its national currency, these guidelines mark a significant step towards greater financial integration and stability.