Section 116C: Declaration by company not in operation

116C. Declaration by company not in operation (1) Where a company— (a) has not started business; or (b) ceased business, and has not derived any income in an income year, it shall submit a declaration in a form approved by the Director-General within 3 months after the expiry of that income year. (2) Subsection (1) shall not apply to— (a) a company holding a Category 1 Global Business Licence under the Financial Services Act; and (b) a trust. (3) Where a company submits a declaration under subsection (1) for an income year, it shall not be required to submit a return under section 116 (1) in respect of that year. [S. 116C inserted by s. 27 (p) of Act 18 of 2016 w.e.f. 1 July 2016 in respect of the year of assessment commencing on 1 July 2016 and in respect of every subsequent year of assessment.]