New Form CP58 and Guide Notes on Completion of Form CP58

Please be informed that the Inland Revenue Board (IRB) has recently uploaded the New Form CP58 and the Guide Notes on Filling Out Form CP58 [Pin.1/2013] on its website.

Some of the salient points to note are as follows:-

·          Where a company has already issued/used the earlier version of Form CP58 (i.e. Form CP58 [2011]) for the year ended 31 December 2012, it is not required to prepare fresh forms using the new Form (CP58 [Pin. 1/2013]).

·           Effective from year ended 31 December 2012, a payer company is required to prepare and issue Form CP58 to an agent, dealer or distributor if the total value of monetary and non-monetary incentives for the calendar year exceeds RM5,000.

·           If required by IRB to do so, a payer company must furnish in full the particulars of recipients and incentive payments, including those of RM5,000 or less.

·           Part D of the new form CP58 shows that the need for a signature and the company stamp has been eliminated.

Please inform us in writing if you have any concerns on the new form. You may email technical@ctim.org.my or Secretariat@ctim.org.my.