“operating company” means a company of which-

(a)     at least 80 per cent of the aggregate amount received by or that accrued to that company during a year of assessment constitutes income in the hands of that company; and

[Paragraph (a) substituted by section 46 of Act 23 of 2018 effective on 1 January 2019, applies in respect of years of assessment ending on or after that date]

(b)     the income contemplated in paragraph (a) is derived-

(i)      from a business carried on continuously by that company; and

(ii)     in the course or furtherance of which goods or services are provided or rendered by that company for consideration.

[Subparagraph (ii) substituted by section 46 of Act 23 of 2018 effective on 1 January 2019, applies in respect of years of assessment ending on or after that date]