He is also a regular contributor to several magazines and publications, and has shared his tax expertise on numerous occasions with organisations and property developers. The types of incentives to be included, as found in Examples provided in the Guidelines, are listed in the table below:. Note that paragraph 1. The name, designation and NRIC number of the preparer of the payer company are required. Payments to Agents, Dealers and Distributors, whether in monetary or non-monetary form, may represent taxable income of the recipient. If yes where do I include my commision receive under CP58?
| Uploader: | Vudolabar |
| Date Added: | 8 March 2011 |
| File Size: | 39.67 Mb |
| Operating Systems: | Windows NT/2000/XP/2003/2003/7/8/10 MacOS 10/X |
| Downloads: | 1083 |
| Price: | Free* [*Free Regsitration Required] |
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 IRB has agreed to extend the concession for payer companies not to issue Form Dorm for the calendar yearprovided that they had issued an annual statement to their agents, dealers and distributors for the year But I am only a customer, not a dealer or agent.
The Inland Revenue Board IRB has issued the following guidelines in Bahasa Malaysia on 1 July, to provide guidance on the duty to submit particulars of payments to agents, dealers and distributors in Form CP58, as required under S.
Form CP 58 – Duty to Furnish Particulars of Payment Made to an Agent, Dealer or Distributor, etc.
The payer company is required to prepare Form CP58 which can be downloaded from the IRB official website via this link for all recipients of incentives, but it is only required to provide a copy of the Form to each recipient of more than RM5, by 31 March of the following year.
To whom should I refer to should I decide to file a complaint? I would suggest that you may ignore the form CP 58 given to you.
The statements must have information regarding monetary and non-monetary incentive payments. 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. The CP 58 is a prescribed form. Your email address will not be published. An agent, dealer or distributor is NOT an employee of the payer company. 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.
Duties of the payer company The payer company is required to prepare Form CP58 which can be downloaded from the IRB official website via this link for all recipients of incentives, but it is only required to provide a copy of the Form to each recipient of more than RM5, by 31 March of the following year. In general, the amount of incentives given is allowed as a deduction to the payer under S33 1 of the ITA.
Leave a Reply Cancel reply Your email address will not be published.
(English) Form CP58 by Lee Wai Sung εδΌι
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. Types of payments Payments to Agents, Dealers and Distributors, whether in monetary or non-monetary form, may represent taxable income of the recipient.
Irrespective of whether a payer company issues Form CP58 or the yearly statement to its agents, dealers or distributors, the monetary and non-monetary incentive payment should be of amount exceeding Co58, Skip to secondary content.
The original copy of form CP58 must dp58 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 examination by the IRB during a tax gorm.
Unfortunately, the travel exemption ie. The agent is merely a sub-contractor to the company and merely receives handling fees; ofrm Items such as umbrellas, pens, calendars etc. However, it is compulsory for the payer company to provide the registration number, identity card number, police number, army number or passport number of the recipients as well as the identity card number and signature of the designated officer.
I called them and they say that I need to declare it. Monetary payments are payments in cash, like commission and bonus.
The payer company must submit Form CP58 in the year in which the incentive is given while the recipient has to declare the amounts shown in the CP58 as income in the year the incentive is received. Any payer which fails to prepare the form CP 58 as required 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.
The following are salient points from the Guidelines: 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 In the following examples, the filing of Form CP58 is not required: The name, designation and NRIC number of the preparer of the payer company are required.
(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. Hope to hear from you soon, thank you. I purchased a new vehicle on Dec Do I need to declare it in my from tax for ?
No comments:
Post a Comment