TAX QUESTIONS? YOU ASK LAH!

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Q: I submit Form e-B annually to report my sole proprietorship’s income. If my sole proprietorship suffers a loss, thus I have no chargeable income for the year of assessment (YA) 2023, do I still need to submit Form e-B for YA 2023?   

A: Yes, you are still required to submit Form e-B even if you have no chargeable income for YA 2023 because according to the Income Tax Act 1967, you are still required to submit the income tax return form for the current YA if you have submitted an income tax return form for the immediate preceding YA. 

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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