The Inland Revenue Board (IRB) has made an announcement regarding the introduction of new Section 83A, Income Tax Act 1967 which was proposed in 2012 Budget, that the payer companies are required to furnish the Form CP58 (2011) to their agent, dealer or distributor not later than 31 March 2012. The said form will be distributed by the IRB once the Finance Act (No. 2) Bill 2011 is gazetted. The information to be provided in the form comprise of (a) payer’s details, (b) recipient’s details (resident/ non-resident), and (c) incentive payment details either in monetary or non-monetary.

The payer company has been granted an extension of time up to 31 May 2012 to complete the Form CP58 (2011) for payments made during the period from 1 January 2011 until 31 December 2011. For those recipients of the incentive payments who have yet to receive copy of the Form CP58 (2011) from the payer company, are required to report on the incentive received accordingly.