(1) For the purposes of a transfer of a business as a going concern under the Act,

(a) a going concern is not a dormant or prospective business but an income-generating activity capable of separate operation and that is in fact operational and capable of operating without interruption after the transfer;

(b) a transfer qualifies as a transfer of a going concern where it constitutes the entire taxable activity of the supplier that is a going concern or a portion of such taxable activity capable of being carried on as a going concern.

(c) a supply can constitute a transfer of a going concern even where the transferred business is not profitable, or is being transferred to a liquidator, receiver, trustee in a bankruptcy or other person appointed upon the insolvency of a taxable person.

(d) the supply is not zero rated unless a notice in writing in the prescribed form signed by both the transferor and the transferee is filed with the Commissioner-General fourteen calendar days prior to the date the sale, transfer, or acquisition of legal interest takes place and contains the details of the supply.

(2) For the purposes of subregulation (1), a sale is deemed to be concluded where

(a) consideration is paid whether partial or in full;

(b) the deed of sale is fully executed;

(c) the rights, assets and liabilities attributed to the sale become the entitlement of the transferee; or

(d) the operation of taxable activities is in the control of the purchaser.

(3) A taxable person who in respect of a transfer of a business as a going concern fails to comply with subsection (4) of section 18 of the Act does not qualify for zero rating.

(4) Despite paragraph (c) of subparagraph (1), a lawful sale of a going concern shall not attract any criminal liability.