Transfer of business joint liability: transferee shares tax, interest and penalty obligations and must update registration. Where a taxable person transfers a business, both transferor and transferee are jointly and severally liable for tax, interest and penalties due up to the ... Summary
Transfer of business joint liability: transferee shares tax, interest and penalty obligations and must update registration.
Where a taxable person transfers a business, both transferor and transferee are jointly and severally liable for tax, interest and penalties due up to the transfer date, including amounts determined after transfer; the transferee is liable for tax on supplies from the date of transfer and, if registered, must apply within the prescribed time to amend the certificate of registration.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.