ISLAMABAD – The government is taking stern measures to boost revenue and now Prize Bonds and lottery holders are slapped with 20 percent tax.
In Finance Bill 2024, Pakistani authorities imposed a uniform tax rate of up to 20percent tax on winnings from prize bonds and lotteries.
It has been learnt that Prize bond holders will now face a 15ercent tax rate. Furthermore, a 20percent tax rate applies to winnings from lotteries.
Furthermore, Individuals and Associations of Persons (AOPs) investing in Sukuks with returns under Rs10 lac will be taxed at 10 percent while companies or entities investing in Sukuks face a 25percent tax rate.
Higher returns above Rs10lac attract 12.5percent tax for individuals and AOPs, and a continued 25 percent tax for companies and entities.
