{"id":79171,"date":"2024-02-19T16:11:07","date_gmt":"2024-02-19T08:11:07","guid":{"rendered":"https:\/\/iqiglobal.com\/blog\/?p=79171"},"modified":"2026-03-10T12:44:00","modified_gmt":"2026-03-10T04:44:00","slug":"what-is-cp58","status":"publish","type":"post","link":"https:\/\/iqiglobal.com\/blog\/what-is-cp58\/","title":{"rendered":"What is CP58? It’s Not a Tax Form: Here’s What You Should Know"},"content":{"rendered":"\n

Version: C<\/a>N<\/a><\/mark>, BM<\/a><\/em><\/strong><\/p>\n\n\n\n

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Have you received your CP58 form?<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
If you haven’t heard of this form, don’t worry – a lot of people haven’t.<\/em> <\/p>\n\n\n\n
But if you are working as a real estate agent, it’s best that you know (in case tax agents start looking for you).<\/p>\n\n\n\n
So what is the CP58 form<\/strong> exactly? Read on to learn more!<\/p>\n\n\n\n
\n\n\n\nWhat to Know About the CP58 Form<\/h2>
What is CP58?<\/a><\/li>
Do I need to fill out CP58?<\/a><\/li>
When should I receive my CP58 form?<\/a><\/li>
How to submit the CP58 form<\/a><\/li>
What is exempted from the CP58 form?<\/a><\/li>
Where to get the CP58 form<\/a><\/li>
Conclusion<\/a><\/li><\/ul><\/div>\n\n\n\n
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What is CP58?<\/strong><\/h2>\n\n\n\n
CP58 is essentially an income statement<\/strong> that records all incomes, whether in the form of cash or non-monetary incentives<\/strong>, provided by companies<\/strong> to their agents, dealers, or distributors. <\/p>\n\n\n\n
These incentives can range from bonuses and allowances to non-monetary perks like houses, cars, or flight tickets. <\/p>\n\n\n\n
Similar to the EA Form issued to employees in the private sector, CP58 serves as a comprehensive record of remuneration<\/strong> for non-employee recipients<\/strong>.<\/p>\n\n\n
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$\"CP58$
Source: hasil.gov.my<\/em><\/figcaption><\/figure>\n<\/div>\n\n\nDo I need to fill out CP58?<\/strong><\/h2>\n\n\n\n
Thankfully, you don’t have to – but your company does<\/strong>.<\/p>\n\n\n\n
According to the Inland Revenue Board of Malaysia (IRBM, or more commonly known as LHDN) …<\/p>\n\n\n\n
If you received more than RM5,000<\/strong> in cash or non-monetary incentives annually, your company has to produce a CP58 form<\/strong> for you.<\/p>\n\n\n\n
If you received less than RM5,000<\/strong>, you will only receive the form upon request<\/strong>.<\/p>\n\n\n
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$\"\"$ <\/figure>\n<\/div>\n\n\n
When should I receive my CP58 form?<\/h2>\n\n\n\n
Your company should provide you the CP58 form by 31st March<\/strong> of the year immediately following the year in which the incentives were paid. <\/p>\n\n\n\n
Companies failing to meet this deadline may face legal consequences<\/strong> outlined in the Income Tax Act 1967. <\/p>\n\n\n\n
Any payer company which fails to prepare the form CP 58 as required under Section 83A of Income Tax Act 1967<\/em> shall be guilty of an offence under Section 120(1)(b)<\/em> and shall, on conviction, be liable to a fine of not less than RM200 and not more than RM20,000 or to imprisonment for a term not exceeding 6 months or to both.<\/strong><\/p>\n\n\n\n
The responsibility of preparing the CP58 form falls on the payer company<\/strong>—a.k.a the company that disburses monetary or non-monetary incentives to its agents, dealers, or distributors.<\/p>\n\n\n
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$\"\"$ <\/figure>\n<\/div>\n\n\n
How to submit the CP58 form<\/h2>\n\n\n\n
Here’s where it gets interesting – it’s not mandatory to submit the CP58 form to the IRBM.<\/strong><\/p>\n\n\n\n
However, in case of tax audits, you will want to keep a copy handy for at least 7 years<\/strong>.<\/p>\n\n\n\n
What is exempted from the CP58 form?<\/h2>\n\n\n\n
The following items do not need to be included<\/strong> in the CP58 form:<\/p>\n\n\n\n
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Credit rebates.<\/li>\n\n\n\n
Subcontract payments.<\/li>\n\n\n\n
Handling fees.<\/li>\n\n\n\n
Trade and bulk discounts.<\/li>\n\n\n\n
Promotional items\/gifts not stated in the contract with the agents.<\/li>\n\n\n\n
Incentives given to the public or customers to encourage them to introduce more customers, eg. referral fee.<\/li>\n\n\n\n
Free items that are not based on performance eg. umbrellas, pens, notebook, and calendars.<\/li>\n\n\n\n
Preferential rates given as special treatment for independent agents who buy and sell goods on their own.<\/li>\n\n\n\n
Special discount rates to independent agents.<\/li>\n<\/ol>\n\n\n\n
Where to get the CP58 form<\/h2>\n\n\n\n
You can get the CP58 form on the IRBM website here.<\/a><\/strong><\/p>\n\n\n\n