Updated: Jun 5
A payer company must only prepare and render form CP58 to its agents, dealers and distributors if monetary and nonmonetary incentives exceed RM 5,000.
If required to furnish a listing of CP58 information to IRBM, a payer company has to submit the information, including incentive amounts of RM 5,000 and below.
Starting from January 1, 2022, companies that make payments in monetary form to resident individuals who are agents, dealers, or distributors are required to withhold 2% tax.
This withholding tax, regulated under section 107D of the Income Tax Act (ITA), applies when the total sums received by agents, dealers, or distributors, in cash or otherwise, exceed RM100,000 in the previous year.
The 2% tax withholding must also be reported in form CP 58.
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