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CP 58

February 2, 2024

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What is CP58 ?

 

CP 58 form is not a tax filing form. It is an income statement that shows the income of incentives, allowances, bonuses, etc. for agents, dealers and distributors, similar to the EA form received by employee.

Pursuant to Section 83A(1) of the Income Tax Act of 1967, as of January 1, 2012, each company must prepare and provide the CP 58 form to its agents, dealers and distributors (hereinafter referred to as agents) by March 31 of each year in accordance with the format required by LHDN.

 

Who are required to file CP58 form?

The Inland Revenue Board of Malaysia (IRBM) stipulates that if the company pays more than RM5,000 in cash or non-monetary incentives to the agent during the calendar year, they must prepare the CP58 form for each agent. These forms do not have to be submitted to the tax office, but if the tax office requires all information on the rewards paid, the company must provide all incentive payment information, including awards worth less than RM5,000.

 

What rewards must be reported?

The agent’s reward payments for achieving performance are mainly divided into two categories: cash reward & non-cash incentives. Cash Reward includes basic allowances, commissions, or bonuses. If the company provides cash incentives to the agent, it must report the actual amount paid in the CP 58 form.

Material non-cash incentives includes incentives, tour packages, tickets accommodation, car, house and so on. For non-cash rewards, the company must prepare the CP 58 form based on the actual cost.

 

Which rewards do not have to be reported?

  • Trade discounts and bulk discounts provided by the company
  • Promotional items or gifts which are not stated in the agency contract
  • Incentives given for an open invitation to encourage the public or customers to introduce more customers
  • Provide special discount rates to independent agents
  • Subcontract payment
  • Handling fee
  • Credit rebate
  • Free items that are not based on performance, such as umbrellas, pens, and calendars

 

When is the due date to provide CP 58 form?

The Form CP 58 shall be provided to the agent, dealer, or distributor not later than 31 March in the year immediately following the year in which the incentives mentioned above are paid.

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法定登记簿和记录

July 12, 2024

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法定登记簿和记录 法定登记簿可以保存在注册公司秘书办事处或董事批准的任何其他地方。通常情况下,法定登记簿根据第14条或第46(3)条的规定保存在注册公司秘书办事处,以便于公司秘书不时地维护和更新公司的信息。 “登记簿”包括任何登记簿或其他信息记录以及任何账目或会计记录,无论如何编纂、记录或储存,还包括任何文件。 最常见的法定登记簿有:配股登记簿、成员登记簿、董事登记簿、经理登记簿、秘书登记簿、大股东登记簿、转让登记簿、董事持股登记簿、抵押登记簿和会议记录簿。 登记簿 登记簿是由以下细节和信息组成的一本书。 董事登记簿 经理的登记簿 公司秘书的登记簿 成员(股东)登记册 抵押登记簿 股份转让登记簿 持股登记册 帐簿 会议记录簿 会议记录本将保存所有的董事和股东会议记录,以及董事和股东通过的决议。 以下内容通常在会议记录本中找到: 第一次董事会会议 开设银行账户的董事会决议 年度会议文件 临时股东大会文件 董事会关于购买房产/汽车的决议 申请或接受银行贷款的董事会决议 董事会关于确定年终的决议   我们作为贵公司的公司秘书,将保持所有记录的更新,并登记公司的任何变化。

CAPITAL ALLOWANCE

July 5, 2024

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资本津贴 什么是资本免税额  ? 资本免税额是指花费在企业资产上的可从企业税务的金额。   为何要求资本免税额  ? 这意味着你可以保留更多的现金,可以进行再投资,促进公司增长。   索赔的好处  ? 减少或完全免除纳税义务 对高收入者申请磨损津贴和大多数工业建筑物津贴没有限制 改善现金流,保持现金在您的业务! 可能的现金退款/税款偿还  

Statutory Books and Records

June 28, 2024

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Statutory Books and Records The statutory register books can be kept at the registered office or any other place as approved by the directors. Normally, the statutory register books are kept at the registered office on Section 14 or Section 46(3) for the Company Secretary to conveniently maintain and update the company’s information from time to time. “Books” includes any register or other record of information and any accounts or accounting records, however compiled, recorded or stored, and also includes any documents. The most common statutory books are Register of Allotment, Register of Members, Register of Directors, Register of Managers, Register of Secretaries, Register of Substantial Shareholders, Register of Transfer, Register of Directors’ Shareholdings, Register of Mortgages and Minutes Book. Register Book The Register Book is a book consist of the following details and information: Register of directors Register of managers Register of company secretaries Register of members (shareholders) Register of charges Register of transfer of shares Register of shareholdings Books of account Minutes Book The Minutes Book will keep all minutes of directors’ and shareholders’ meetings as well as resolutions passed by directors and shareholders. The following are normally found in the Minutes Book: First Board of Directors Meeting Board Resolution to open bank accounts AGM documents EGM documents Board Resolution to purchase properties / cars Board Resolution to apply or accept banking facilities Board Resolution to fix year end We, acting as your company secretary, will keep all the records up to date and register any changes made by the company to Suruhanjaya Syarikat Malaysia (SSM).