Form CP58 Submission Deadline 2019 (Updated on 2020)

eKTP 137

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Outlines:

  • Definition of CP58

  • Duty and responsibility of company for CP58

  • Due date for submission

  • Consequences of non-submission

  • Relevant documents & other information of CP58

  • Other related information

What is the CP58?

It is a statement of monetary & non-monetary incentive payment to an agent, dealer or distributor pursuant to Section 83A of the Income Tax Act 1967.

CP58 has 2 categories:

  • Monetary payment: Payment in cash. For examples, commission and bonus.

  • Non monetary payment: Included car, house, travel ticket, accommodation, ground tour, food & drinks.

Who are required to prepare?

All companies need to prepare and render to its agents, dealers and distributors if the amount of monetary and non monetary incentive exceeds RM5,000.00 during the calendar year.

When to submit?

  • Furnish to agent, dealer and distributor before 31st March on the following year;

  • Furnish to LHDN - Only need to submit upon request by IRB.

However, if LHDN request for listing of CP58 information, a taxpayer company is required to submit all information including amounts below RM5,000.00

What if you fail to furnish to LHDN during the notice in writing?

Failure to furnish is an offence under subsection 120(1) of the Income Tax Act 1967.

  • Payer company liable fine of not less than RM200.00 and not more than RM20,000.00 or to imprisonment for a term not exceeding six months or both.

Relevant documents:

For more information:

Elly Ong