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 ) 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 firstname.lastname@example.org or Secretariat@ctim.org.my.