GUIDELINE FOR FORM CP58 The Inland Revenue Board has issued a new guideline (in Bahasa Malaysia only) on 1 July 2013 to provide guidance on the duty to submit particulars of payments to agents, dealers and distributors in Form CP58, as required under S83A of the Income Tax Act 1967: (a) Monetary or non-monetary paid to agents, dealers or distributors are required to be included in the CP58 Income Tax Form. (b) Examples of monetary payments are payments in cash, like commission and bonus. (c) Examples of non-monetary incentives are perquisites, products of the payer company and points redemption. (d) The company is required to issue CP58 for recipient more than RM5,000 before 31 March of the following year. (e) The company is required to retain the CP58 for seven (7) years. (f) The following items are not considered as incentive - Prompt payment discount - Recipient is not an agent (Customer get customer promotion) - Bulk purchase discount Please download the guideline with the link below hasil.gov.my/pdf/pdfam/GP_CP58.pdf
Posted on: Sun, 07 Jul 2013 08:32:43 +0000
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