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What Is CP58?
What Is CP58?
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Guest
Guest
Nov 26, 2022
7:59 PM
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CP58 is an income statement that reports all revenue in the form of monetary and non-monetary incentives. Examples of monetary incentives are allowances and bonuses. Examples of non-monetary incentives are houses, cars, and airline tickets. Form CP 58 is issued by the company to its agents, dealers, and distributors. It is somewhat similar to an EA form given to employees in the private sector.
Who must complete a CP58 form?
The IRBM (Inland Revenue Board of Malaysia) / LHDN (Lembaga Hasil Dalam Negeri) has stipulated that companies that reimburse their agents more than RM5,000 in cash or kind during the year must submit a CP58 form for their agents. The CP58 form will only be given to representatives who receive annual incentives of less than RM5,000 upon request.
They are not required to submit the CP58 form to the IRBM/LHDN. For this reason, it is often overlooked and ignored. However, Form CP 58 is useful if the IRS requires a detailed breakdown of all bonuses and incentives you have granted to your employees. The original Form CP58 must be retained by the company for 7 years for tax audits. A copy should be given to agents, dealers and distributors.
When do I need to file my CP 58 form?
All CP58 LHDN forms must be distributed to agents, dealers and distributors by March 31 of the year.
Companies that fail to hand out the CP58 form to their agents may be found guilty and fined a minimum of RM200 and a maximum of RM20,000 or imprisoned for six months.
Which inducements are exempt from the CP 58 form requirement?
Personal gifts, discounts, promotional gifts (gratuities), reimbursements, management fees, payments for subcontracts, special / preferential treatment by the company.
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David235
Guest
Nov 26, 2022
10:17 PM
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