120.
| (1) A person shall, in respect of any business carried on by him in Ceylon, be chargeable with business turnover tax for any year of assessment if, but only if-
| | (a) where such business has been carried on by him for a period of not less than one year prior to the date of commencement of that year of assessment, the turnover made by him from that business for the accounting period immediately preceding the year of assessment is not less than one hundred thousand rupees; and | | |
| | (b) where such business has been carried on by him for a period of less than one year prior to the date of commencement of that year of assessment, the turnover made by him from that business during such period is not less than a sum which bears to one hundred thousand rupees the same proportion as the number of days in that period bears to three hundred and sixty-five. | | |
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| (2) For the purposes of this Part of this Act-
| | (a) where any business is carried on by a person in more than one place in Ceylon, the business carried on by him in each such place shall be deemed to be a separate business; and | | |
| | (b) different businesses carried on by the same person in one place shall be deemed to be one business. | | |
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| (3) For the purposes of this Part of this Act, " business " includes any trade or vocation but does not include-
| | | (b) any agricultural undertaking; | | |
| | (c) any undertaking for the export of any manufactured or processed article; | | |
| | (d) the business of a banker, financier, money lender, pawnbroker, commission agent or broker; | | |
| | (e) any insurance business; | | |
| | (f) the business of carrying on an educational establishment; and | | |
| | (g) any other business the turnover from which may be exempted from the business turnover tax by Order made by the Minister, approved by the House of Representatives and published in the Gazette. | | |
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Sri Lanka Consolidated Acts