Government of Pakistan Central Directorate of National Savings, Islamabad issued the Notification F.No 13(1) (Rules)Sch-3/2004 Vol II on 9th July 2019 about the Revised rates of Withholding Tax on Prize Money on Prize Bonds Effective From 01-07-2019. The rates of prize bonds are revised from 1st July. The notification details are as below;
Revised Rates of Withholding Tax on Prize Money on Prize Bonds Effective From 01-07-2019
The undersigned is directed to refer to the amendments made in clause I of division VI of Part III of 1st schedule of income tax ordinance 2001 and to state that new rates of withholding tax on Prize Money on Prize Bonds deductible under section 156(1) w.e.f 01-07-2019 will be followed;
Rate of Withholding Tax on Prize Money Under section 156(1):
- Persons appearing in Active Tax Payer List (ATL): 15%
- Persons not appearing in Active Tax Payer List (ATL): 30%
These rates will be applicable on the payment of Prize Money irrespective of dates of Prize Bonds Draw.
The issues with the approval of Additional Director General, National Savings.
- The Director, Directorate of Audit, National Savings, Islamabad
- All Zonal Heads/Regional Directors.
- The Director, Accounts Department SBP BSC Karachi.
- The Director-General, Pakistan Post Office, Islamabad
- The Director (Accounts), Pakistan Post Office, Lahore.
This notification is about the new rates of Prize Money on Prize Bonds, these rates are revised on 9th of July, 2019. Those people who are Active Taxpayer are 15% increase in Prize money, and the people who are not Active Tax Payers are 30% increase in Prize Money on Prize Bonds. These rates are effective from 1st July 2019.