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What’s Form CP58?
It is a form required by LHDN that all Sdn Bhd needs to provide and circulate to its agents, dealers and distributors on monetary or non-monetary payments made to them by 31 March every year [section 83 Income Tax Act 1967]
Failure to comply will result in a penalty of RM200 to RM20,000 or imprisonment for a term not exceeding 6 months, or both. [section 120(1)(b) Income Tax Act 1967].
What’s inside a Form CP58?
- Recipient information
- Monetary incentive such as allowance, commission, bonus, etc.
- Non-monetary incentive such as tour package, tickets, motor vehicles, house, voucher.
- Only amount more than RM5,000 need to circulate
- Remember to keep track proof of circulation via registered postage or email
- Do not need to provide to LHDN but need to keep original copy for 7 years
- Amount RM5,000 and below only requires payee information
- Payment exempted from CP58 are
- Subcontract payment
- Free gifts
Why it’s more complicated than you think?
- Subject to tax audit and additional penalties
- Manual administration is complicated
- Requires efficient filing and record keeping on source documents
- Any errors require re-submission and penalties
What’s easier, better, and faster way to administer your CP58 filing. The smarter choice is to outsource to MYKONGSI. Why?
- Save your administration time from something outside your team expertise
- Avoid confusion reading on how-to-do from the internet, you can risk wasting time and still getting it wrong!
- Get advice from expert (HR + Qualified Accountants’ team combined) It’s not the cost you can see, it’s the value you can’t.
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