CP 58

1. Form CP58 – All You Need to Know About CP58 is an income statement showing all income in the form of monetary and non- monetary incentives. Examples of monetary incentives are bonuses and bonuses. While examples of non-monetary incentives are houses, cars, plane tickets. The company delivers the CP 58 form to its sales agents, dealers and distributors. It is somewhat similar to an EA form that is given to private sector employees. Who must complete a CP58 form? The IRBM (Inland Revenue Board of Malaysia) / LHDN (Lembaga Hasil Dalam Negeri) has specified that companies that reimburse their agents more than RM5,000 in cash or non- cash incentives during the year must submit a CP58. form for your agents. Form cp58 will only be issued to agents who receive annual incentives of less than RM5000 upon request. You do not need to send the Form 58 to IRBM / LHDN. This is why it is often overlooked and ignored. But CP 58 is useful if the tax office asks to see a detailed breakdown of all the rewards and incentives that have been awarded to their agents. The company must keep the original version of the CP58 form for 7 years for tax audits. A copy should be given to agents, dealers and distributors. When should I submit my CP 58 form? All CP 58 forms must be distributed to agents, dealers, and distributors by March 31 of the year. Any company that does not provide the CP58 LHDNform to its agents can be found guilty and can be fined not less than RM200 and not more than RM20,000 or face imprisonment for a period of 6 months. What incentives are exempt from the CP 58 form? Personal gifts, business discounts, promotional gifts (free gifts), refunds, management fees, subcontract payment, special / preferential treatment granted by the company.