Transfer of business liability makes transferor and transferee jointly liable for prior tax; transferee must update registration. When a taxable person transfers a business in whole or in part, the transferor and transferee are jointly and severally liable for tax, interest and ... Summary
Transfer of business liability makes transferor and transferee jointly liable for prior tax; transferee must update registration.
When a taxable person transfers a business in whole or in part, the transferor and transferee are jointly and severally liable for tax, interest and penalty due up to the transfer date, whether determined before or after transfer. The transferee who carries on the business from the transfer date is liable for tax on supplies effected by him and must, if registered, apply within the prescribed time to amend his registration certificate.
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