What treatment will be meted out if a business or a part of business is transferred?

What treatment will be meted out if a business or a part of business is transferred?

Answer: In terms of section 20 of the Federal VAT Bill, 2010 read with entry
at S.No.1 of the Second Schedule thereof, where any business or part thereof is transferred as ongoing concern, to another registered person, it shall be treated as zero-rated supply, otherwise the buyer shall first pay applicable VAT and shall then be entitled to adjustments on his registration in terms of section 33.