3. Section 120 of the principal Act is hereby amended as follows: -
| (1) by the insertion, immediately after sub-section (1) of that section, of the following subsection : -
| | "(1A)Where a person is chargeable with business turnover tax in respect of any business carried on by him and a change of ownership of that business occurs, then not-withstanding the provisions of sub-section (1), the new owner of that business shall be chargeable with business turnover tax as though he had been the owner of that business immediately before the occurrence of the change of ownership. "; | | |
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| (2) in sub-section (2) of that section-
| | (a) by the substitution in paragraph (a) of that sub-section, for the words " shall be deemed to be a separate business; and ", of the following: - | | |
| | (b) by the insertion, immediately after paragraph (a) of that sub-section, of the following paragraph: -
| | | " (aa) where businesses of a like nature are carried on by a person in the same place or in different places, the businesses so carried on by him shall, for every year of assessment commencing on or after October 1, 1968, be deemed to be one business; and" ; and |
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| (3) by the repeal of sub-section (3) of that section and the substitution therefor of the following sub-section: -
| | ' (3)
| | | (a) For the purposes of this Part of this Act " business " in relation to any year of assessment ending on or before September 30, 1968, includes any trade or vocation but does not include-
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| (b) For the purposes of this Part of this Act " business " in relation to any year of assessment commencing on or after October 1, 1968, includes any trade, profession, vocation, or the business of any person taking commissions or fees in respect of any transactions or services rendered, or the business of an independent contractor but does not include-
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Sri Lanka Consolidated Acts