How much tax will prize bond winners pay?

The much-anticipated prize bond draws for Rs1,500 and Rs100 denominations are just around the corner, as the National Savings Division in Karachi prepares for the upcoming events. Recently, the results of the Rs750 prize bond draw for January 2025 were announced.

The 101st draw for the Rs750 denomination took place on January 15 at the State Bank of Pakistan, Banking Services Corporation in Karachi, presided over by Mr Javaid Shaikh, former Joint Director of National Savings in the city.

According to the official announcement, the first prize of Rs1,500,000 was awarded to bond number 271541. Three second prizes of Rs500,000 each were claimed by bondholders of numbers 317904, 496553, and 800663.

Looking ahead, the next prize bond draws are scheduled for February 17, with the Rs1,500 draw in Multan and the Rs100 draw in Rawalpindi.

As for the tax obligations, according to government policy, the tax rate on prize winnings is 15% for tax filers and 30% for non-filers. Bondholders eagerly awaiting the next draw will have to prepare for the tax deductions when the prizes are awarded, as excitement continues to build for the February draws.