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Industry Guide:

Money Services Business

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1. Regulation 5 of the Money Services Business (Duties of Licensees) Regulations 2012 requires MSB licensee to issue a receipt to his customers with prescribed particulars contained in it when conducting MSB. Can I as a registered GST MSB licensee use this receipt which I issue as a tax invoice for my taxable services to my customers?

You are recommended to examine whether the existing receipt is able to accommodate the particulars required of a tax invoice as spelt out in the Guide on Tax Invoice and Record Keeping. If you are able to adhere to those requirements, you may use such receipts as a tax invoice. If otherwise, you may make an application to the Director General to consider for such a facility.

Input Tax Credit (ITC) 

2. In carrying out my money services business, I incur GST on expense such as rental charges, telephone, electricity, furniture and fitting, accounting services, insurance and security services, can I claim input tax on GST paid on such expenses? 

Yes, you are entitled to claim the input taxes incurred on such expenses as you are making taxable supplies. 

3. As a MSB licensee, I paid GST for expenses that I had made. Sometimes I suffer losses on buying and selling foreign currency because of fluctuating exchange rates. Is there any scheme under GST which allows me to recover such losses?

No, there is no such scheme under GST which allows you to recover your losses. 

Service charges 

4. In carrying out our money services business, we charge service charge on the sale of currency to cover transportation and security costs incurred during delivery to our customer. Are the charges subject to GST?

Yes, service charge is subject to GST at a standard rate. 
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L & Co always carry their services in professional way – well planning, in time, precise, friendly and professional. While we are stuck with problems, they can always advice us with industrial best practices and their views.
YM Tan
ICT Automation (M) Sdn Bhd

L & Co Plt.

18A & 20, Jalan Sasa 2,
Taman Gaya,
81800 Ulu Tiram,
Johor, Malaysia.

Tel +607-859 0410
Fax +607-863 1003
Kuala Lumpur
15-2, Dinasti Sentral,
Jalan Kuchai Maju 18,
Off Jalan Kuchai Lama,
58200 Wilayah Persekutuan,
Federal Territory of Kuala Lumpur.
Tel +603-2780 3885
Fax +603-7972 0007
S1-3, 1-21-01,
Suntech @ Penang Cybercity (1575),
Lintang Mayang Pasir 3,
11950 Bayan Baru,
Penang, Malaysia
Tel +604-377 7075
Fax +604-619 2699
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