View All - 1981 Acts Section No : Acts & Ordinances TURNOVER TAXMarginal Notes1. This Act may be cited as the Turnover Tax Act, No. 69 of 1981.2. Imposition of turnover tax3. Circumstances in which a person becomes chargeable with turnover tax.4. Exemption from turnover tax5. turnover6. Different businesses to be deemed one business7. Rate of turnover tax8. Excepted Articles.9. Returns and information to be furnished.10. Payment of turnover tax.11. Penalty for default.12. Levy of turnover tax on articles manufactured abroad and imported into Sri Lanka and collection of such tax.13. Power of assessor to make assessments.14. Additional assessments 15. Assessor to give reasons for not accepting a return 16. Power of Assessor to estimate sale price.17. Appeals to the Commissioner General.18. Appeal to the Board of Review.19. Appeal on a question of law to the court of Appeal.20. Assessments or amended assessments to be final 21. Penalty for underpayment of turnover tax22. Who may act for incapacitated person.23. Precedent partner to act on behalf of partnership.24. Principal officer to act on behalf of a company or body of persons 25. Liability to pay turnover tax in the case of cessation of business.26. Liability of executor to pay turnover tax,27. Liability of certain persons to pay turnover tax in respect of business not belonging to them28. Joint agents, trustees and executors 29. Persons liable to pay turnover tax upon liquidation of a company or dissolution of a body of persons 30. Meaning of turnover tax for the purposes of section 31 to 3831. Turnover tax to be a first charge 32. Notice to defaulter.33. Recovery of turnover tax by seizure and sale 34. For the purposes of this section" movable property". shall include plant and machinery.35. Recovery of turnover tax out of debts, & c.36. Recovery of turnover tax from persons leaving Sri Lanka.37. Use of more than one means of recovery.38. Power of Commissioner-General to obtain information for the recovery of turnover tax.39. Delegation of Commissioner-General to obtain information for the recovery of turnover tax.40. signature and service of notices.41. Signature and service of notices.42. Power to search buildings or places.43. Power to search business premises.44. vouchers to be prepared and issued by every person chargeable with turnover tax.45. Register of transactions.46. Registration of manufacturer and issue of vouchers by him.47. Deduction by registered manufacturer.48. Credit in respect of turnover tax paid to principal collector of customs.49. Turnover tax paid in excess to be refunded.50. Deduction of turnover tax from payments.51. Breach of secrecy and other matters to be offences.52. Penal provisions relating to fraud.53. Penal provisions relating to returns etc.54. Compounding of offences.55. Prosecution to be with the sanction, of the Commissioner-General.56. Administration57. Official secrecy58. Forms and register of transactions 59. Interpretation60. Application of part xii of the finance act, no. 11 of 1963