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Chapter 3
Income Tax
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Amendment of section 122 (preferential loan arrangements) of Principal Act.
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4.— As respects the year of assessment 2010 and subsequent years of assessment, section 122 of the Principal Act is amended in subsection (1)(a)—
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(a) by inserting the following after the definition of “preferential rate”:
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“ ‘qualifying loan’ has the meaning assigned to it by section 244(1)(a);”,
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and
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(b) by substituting for paragraph (i) of the definition of “the specified rate” the following:
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“(i) in a case where the preferential loan is a qualifying loan, the rate of 5 per cent per annum or such other rate (if any) prescribed by the Minister for Finance by regulations,”.
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