Cambodia: Exchange rates for VAT-registered taxpayers

Official exchange rates to be used by VAT-registered taxpayers from June 2022 onwards

Official exchange rates to be used by VAT-registered taxpayers from June 2022 onwards

The General Department of Taxation (GDT) issued Instruction no. 10362 GDT (17 May 2022) which prescribes the official exchange rates to be used by value added tax (VAT) registered taxpayers from June 2022 onwards. 

KPMG observation

Prior to Instruction no. 10362, taxpayers applied the average exchange issued by the National Bank of Cambodia for their monthly and annual tax declaration. Under this new guidance, taxpayers are to apply the GDT’s official exchange rate issued on the last day of the month or the year in computing their monthly or annual tax declaration. It is unclear what exchange rates must be used by taxpayers with fiscal year-ends other than the 31 December year-end in computing their annual tax declaration. Taxpayers could use the GDT’s official rate issued on the last day of their fiscal year-end, but affected taxpayers may wish to seek specific clarification from the GDT on this matter.

Read a June 2022 report [PDF 168 KB] prepared by the KPMG member firm in Cambodia

 

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