DOWNLOAD CP58 FORM

The Form CP 58 shall be provided to the agent, dealer or distributor not later than 31 March in the year immediately following the year in which the incentives mentioned above are paid. A copy of the form should be given to the agent, dealer or distributor. Section 83A applies to incentive payments made by the payer company to an agent, dealer or distributor. If you have received a CP58, it looks like you are not an employee, but an agent, dealer or distributor of the company. The agent is merely a sub-contractor to the company and merely receives handling fees; and Items such as umbrellas, pens, calendars etc. The payer company does not have to provide tax reference number and residence status of the payees in the form CP 58 if the information is not available. If an employee receives monetary and non-monetary incentives and such payment is provided for in his contract of employment, the income is considered as employment income.

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I have an enquiry on the CP58 form which is being sent to me Mar An agent, dealer or distributor is NOT an employee of the payer company.

A copy of the form should be given to the agent, dealer c5p8 distributor. Notify me of new posts by email.

My main questions are: Non-cash incentives 2 Tour package to New Zealand for dealers 3 Same as above package awarded to Dealer A is passed on to Dealer B as a gift 4 Sponsorship of seminar for dealers 5 Residential property awarded to a dealer 6 Own product awarded to dealers by company dealing in cosmetics 7 Lucky draw for dealers for the prizes of a house, a car and a computer Frm the flrm examples, the filing of Form CP58 is not required:.

The following are salient points from the Guidelines: Types of payments Payments to Agents, Dealers and Distributors, whether in monetary or non-monetary form, may represent taxable income of the recipient.

Sorry, your blog cannot share posts by email. The name, designation and NRIC number of the preparer of the fom company are required. Primary menu Skip to primary content.

Incentives which are not required to be disclosed in the Form CP58 include:. Any payer which fails to prepare the form CP 58 as for, under this Section shall be guilty of an offence and shall, on conviction, be liable to a fine of not less than two hundred ringgit and not more than two thousand ringgit or to imprisonment for a term not exceeding six months or to both.

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If you have received a CP58, it looks like you are not an employee, but an agent, dealer or distributor of the company. Richard sits on the board of two companies listed on the Main Board of Bursa Malaysia, as an independent non-executive director.

It is also required to keep the list of particulars of all recipients of incentives for a period of 7 years from the basis year in which the incentive is given. The Inland Revenue Board IRB has issued the following guidelines in Bahasa Malaysia on 1 July, to provide guidance on the forrm to submit particulars of payments to agents, dealers and distributors in Form CP58, as required under S. This new requirement applies to even a foreign company and foreign branch which operate in Malaysia BUT excludes those individuals carrying out a business or under partnership.

The original copy of form CP58 must be retained by the payer company for a period of seven 7 years from the end of the calendar year in which the incentive is paid to the agent, dealer or distributor for the purpose of reference and xp58 by the IRB during a tax audit.

(English) Form CP58 | Learnabee International Sdn Bhd (X)

Unless you have entered into an arrangement to sell cars on behalf of the dealer, then clearly the discount given is not taxable on you. The agent is merely a sub-contractor to the company and merely receives handling fees; and Items such as umbrellas, pens, calendars etc.

Payments to Agents, Dealers and Distributors, whether in monetary or non-monetary form, may represent taxable income of the recipient. You may use these HTML tags and attributes: Commission paid to agents Note that paragraph 1. I purchased a new vehicle on Dec There after, the dealer issued back me a cheque of the same amount, as a form of proof that I have made the down payment.

But I am only a customer, not a dealer or agent.

Company sub-contracts its ground handling services to an agent. PDF or Excelwithout signature or stamp, or generate form CP 58 with digital signature or electronic stamp of the company modify the form CP 58, for example changing the alignment, insert a line, etc.

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Section 83A applies to incentive payments made by the payer company to an agent, dealer for, distributor. I called them and they say that I need to declare it. The types of incentives to be included, as found in Examples provided in the Guidelines, are listed in the table below:. Your email address will not be published. Did the dealer make a mistake in sending me the CP58?

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