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, not withstanding that he has ceased to carry on or carry out such taxable activity, be reliable to pay such tax for the period during which he carried on or carried out that taxable activity in that taxable period. |
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| (2) Where any person is carrying on or carrying out a taxable activity transfers the assets of such taxable activity to another person as a going concern resulting in a change of ownership of any trade or businesses, tax payable in respect of such taxable activity for any period prior to the transfer may, if it cannot recovered from the transferor, be recovered from the transferee notwithstanding that an assessment may not have been made on the transferee and provisions of this Act as to collection and recovery of tax shall apply accordingly. |
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Sri Lanka Consolidated Acts