3.
| (1) A person shall, in respect of any business carried on by him in Sri Lanka, be chargeable with turnover tax for each quarter if the turnover of that business for that quarter is not less than twenty-five thousand rupees and where that business is carried on by him for only a part of any quarter, the turnover of that business for that part of the quarter is not less than the sum which bears to twenty five thousand rupees the same proportion as the number of days in that part of the quarter bears to ninety. |
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| (2) Where a person is chargeable with turnover tax in respect of any business carried on by him and a change of ownership of that business occurs, then notwithstanding the provisions of subsection (1), the new owner of that business shall be chargeable with 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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Sri Lanka Consolidated Acts