(1) An international business company registered prior to the 1st day of January, 2019 that is exempted from income tax or liable to income tax at the rate of one per cent in accordance with section 109(1), may, by resolution of the directors of that international business company, be liable to pay income tax as a resident under the Income Tax Act.
(2) Subject to section 5A, an international business company that is liable to pay income tax as a resident under subsection (1) shall file with the Registrar—
(a) a notice to pay income tax as a resident in the prescribed form; and
(b) an amended Memorandum of Association that contains a statement of liability to pay income tax as a resident under the Income Tax Act.
(Inserted by Act 17 of 2019)