By Admin | July 14, 2021
Do you know what is CP 500? Who and when will receive CP 500? When do you need to pay for instalment and what to do if you want to amend the CP 500 amount?
What is CP 500?
- Instalment payment every bi-monthly for individuals having income other than employment, for example – rental income
- Also known as Notis Bayaran Ansuran and will be sent by LHDN in February every year
Payment of CP 500
- To be remitted within 30 days from the payable date
- Failure to remit the payment by the deadline will incur 10% of penalty on outstanding balance
Amendment of CP 500
- Can be made by filing CP 502
- Submission to be made before 30th June every year (31st July 2021 for current FMCO period)
- However, a penalty will be incurred if the revised tax payable is 30% lower than the actual tax payable
- Formula for underestimated tax payable
- [(Actual tax payable – Estimated tax payable) – (30% of Actual tax payable)] x 10%