Q:
Is it required to issue Form CP58 for contractor wages (not commission/not agent)?
A:
If there is no invoice issued by the contractor and the wages amount is more than RM5,000 per year, it is recommended to issue the Form CP58 to the contractor.
Q:
If a company purchases gift voucher to be given as a reward to customers when the customers have purchased certain amount of product from the company, is this expense tax deductible?
A:
If the reward is directly related to the sales or promotion campaign, this expense is considered as entertainment related wholly to sales arising from the business under proviso (vii) to paragraph 39(1)(l) of the Income Tax Act 1967 which will be allowed a 100% tax deduction.
Wishing you plentiful tax savings!
Zen Chow
YYC Tax Guru
P.S. I've received a lot of tax questions, so now I am answering the frequently asked questions and sharing them with you weekly!
P.P.S. If you're liking these little tips, you can't imagine how much you'll get out of my FREE Tax Livestream! Learn more here: https://bit.ly/zen-taxlive