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Contents

Part II

174. Transferred tax liabilities

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

When a taxpayer (hereinafter referred to as the

“transferor”) has a tax liability in relation to a business carried on by the taxpayer and the taxpayer has transferred all or some of the assets of the business to an associate (hereinafter referred to as the “transferee”), the transferee shall be personally liable for the unpaid tax liability (hereinafter referred to as the “transferred liability”) of the transferor in relation to the business.

(2)

Provisions of subsection (1) shall not preclude the

Commissioner-General from recovering the whole or part of the transferred liability from the transferor.

Read on from s 175

Schedules