53.
| (1) Subject as hereinafter provided, where during the course of a taxable period a person chargeable with tax ceases to carry on or carry out any taxable activity in respect of which he is chargeable with such tax, he shall, notwithstanding that he had ceased to carry on or Carry out such taxable activity, be liable to pay such tax for the period during which he carried on or carried out that taxable activity during that taxable period. |
|
| (2) Where any person carrying on or carrying out a taxable activity transfers the assets of such taxable activity to any other person, resulting in a change of ownership of any trade or business, tax payable in respect of such taxable activity for any period prior to the transfer may, if it cannot be recovered from the transfer or be recovered from the transferee notwithstanding that an assessment may not have been made on the transferee and the provisions of this Act as to collection and recovery of tax shall apply accordingly. |
|
|
Sri Lanka Consolidated Acts