(1) For tax purposes, a company incorporated as an international business company is a resident as defined under section 2 of the Income Tax Act.
(2) Without limiting the requirements under section 4, a person licensed under the Registered Agent and Trustee Licensing Act shall submit to the Registrar a statutory declaration stating that the registered agent has complied with—
(a) the Money Laundering (Prevention) Act;
(b) the Anti-Terrorism Act; and
(c) the Income Tax Act.
(3) An international business company—
(a) is subject to the Income Tax Act;
(b) shall—
(i) have an adequate number of employees with the necessary level of qualifications and experience,
(ii) have an adequate amount of operating expenses,
(iii) have an adequate amount of investment and capital that is commensurate with the type and level of activity undertaken by the company,
(iv) file annual tax returns based on its annual unaudited financial statements,
(v) comply with the monitoring requirements as specified by the guidelines and Regulations made by the Minister, (Amended by Act 2 of 2022)
(vi) provide any other documents required by the Minister. (Amended by Act 2 of 2022)
(4) This section applies to an international business company incorporated from the 1st day of January, 2019.
(5) Notwithstanding this Act, section 12(1)(a), (b), (d), (f), (g) and (2); sections 18, 26, 109, 110, 112, 113A(2) and 121 shall not apply to a company incorporated from the 1st day of January, 2019. (Amended by Act 17 of 2019)
(Inserted by Act 13 of 2018)