Section 122 of the Principal Act is amended, as respects the year of assessment 2001 and subsequent years of assessment, by the substitution in the definition of "the specified rate" in paragraph (a) of subsection (1) of -
(a) "6 per cent" for "4 per cent" in both places where it occurs, and
(b) "12 per cent" for "10 per cent",
and the said definition, as so amended, is set out in the Table to this section.
Table
"the specified rate", in relation to a preferential loan, means -
(i) in a case where -
(I) the interest paid on the preferential loan qualifies for relief under section 244, or
(II) if no interest is paid on the preferential loan, the interest which would have been paid on that loan (if interest had been payable) would have so qualified,
the rate of 6 per cent per annum or such other rate (if any) prescribed by the Minister for Finance by regulations,
(ii) in a case where -
(I) the preferential loan is made to an employee by an employer,
(II) the making of loans for the purpo
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