The Ministry of Economy and Finance announced new guidelines requiring taxpayers to use riel bank accounts when requesting VAT refunds. This move aimed to streamline the refund process and strengthen the role of the Cambodian riel in financial transactions.

The guidelines, introduced for large and medium-sized taxpayers, as well as foreign diplomatic missions and international organizations, sought to improve the efficiency and timeliness of VAT refunds. Taxpayers without riel accounts were instructed to open one and update their information with tax authorities.

The Ministry allowed exemptions for foreign missions and organizations, granting them until December 31, 2024, to comply. These measures reflected Cambodia’s ongoing efforts to enhance financial stability and integration while promoting wider acceptance of its national currency.