The IRB, which requires the particulars of payment made by a company, whether in monetary form or otherwise, to the agents, dealers or distributors in a prescribed form (Form CP58) for incentive payments exceeding RM5,000 [s 83A ITA 1967] (this is only applicable to companies), has recently issued a notification informing taxpayers that a new version of Form CP58 (Statement of Monetary and Non-Monetory Incentive Payment to An Agent, Dealer or Distributor Pursuant to Section 83A of the Income Tax Act 1967) in PDF and Excel format together with guidelines is now ready for download. They can be downloaded from: kump=2&skum=3& posi=0&unit=12&sequ=12&cariw=cp58

If the old version of the form (Form CP58 [2011]) was used for the year ended 31 December 2012, the payer company need not use the new version (Form CP58 [Pin. 1/2013]).

For the year ended 31 December 2012, a payer company need only prepare and render form CP58 to its agents, dealers and distributors if the amount of monetary and non-monetary incentive exceeds RM5,000. If required to furnish a listing of CP58 information to IRBM, a payer company has to submit the information including incentive amounts of RM5,000 and below.

New version of Form CP58 in PDF format:

Guidance Notes on new version of Form CP58: