TLDR: CP58 is a mandatory statement employers must issue to agents, dealers, and distributors who receive incentives or commission exceeding RM5,000 annually. It is not optional. Non-compliance may result in penalties under Malaysia’s Income Tax Act.
If you run a business in Malaysia and pay commission, incentives, or performance bonuses, there’s one document you cannot afford…
If you’re an individual with taxable income in Malaysia, you’ll need a TIN (Tax Identification Number).
Version: CN, BM
Have you received your CP58 form?
Contrary to popular belief, CP58 is not a tax form - it's an income statement that records all your incomes, whether it be cash or non-monetary incentives.
If you haven't heard of this form, don't worry - a lot of people haven't.
But if you…
Version: CN
Have you heard of e-Invoices?
E-Invoices, short for electronic invoices, are replacing paper and electronic invoices.
It helps businesses work more efficiently and follow tax rules.
Recently, the Inland Revenue Board of Malaysia has come up with the new guidelines for e-Invoice following the announcement of Budget 2024.
In this article,…
