Announcement issued by Malaysia Tax Policy Department, Inland Revenue Board of Malaysia on the issuance of Form CP58 for Year 2012

This is to inform that a meeting has been held on 21 March 2013 between the Inland Revenue Board of Malaysia (IRBM) and the representatives of associations and corporate bodies regarding the use of Form CP58.

Having regard to the issues raised and appeals received, IRBM has agreed to extend the concession given earlier so that payer companies also need not issue Form CP58 for the calendar year of 2012. However, the yearly statements (January 2012 to December 2012) issued by payer companies to their agents, dealers or distributors must have information regarding monetary and non-monetary incentive payments.

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 RM5,000.