(1) Subject to subsection (2) or (3), the Competent Authority or a public officer authorized by the Competent Authority may, after giving 7 days notice to the relevant entity, enter premises where information relating to the relevant entity is kept and assess whether or not the relevant entity satisfies the economic substance requirements by —
(a) carrying out or causing to be carried out an examination or inspection of records, books and documents of the relevant entity;
(b) requiring the owner, employee, or agent of the relevant entity to —
(i) give the Competent Authority reasonable assistance in connection with the examination or inspection as may be necessary, and
(ii) answer orally or in writing questions relating to the examination or inspection;
(c) taking possession of any records, books and documents for further examination and retain or make copies of the records, books and documents.
(2) A relevant entity may give written consent to the Competent Authority within 7 working days of receipt of a notice under subsection (1).
(3) Where a relevant entity does not give its written consent under subsection (2), section 8 applies.
(Inserted by Act 15 of 2020)