The federal government has imposed a fixed tax rate of up to 20 percent on winnings from prize bonds and lotteries through Finance Bill 2024.
A fixed tax rate of 15 percent will now be applicable on winnings from prize bonds or crossword puzzles.
The government has imposed a 20 percent tax rate on winnings from raffles, lotteries, and prizes won from quizzes conducted for promotion of sales.
Meanwhile, the government has imposed a 10 percent tax on investments in Sukuks made by any individual and Association of Persons (AOPs) whose return on such an investment is less than Rs. 1 million. Additionally, there is a 25 percent fixed tax on any company or entity that invested in the Sukuk.
For returns above Rs. 1 million, the individual or AOP investor will pay a 12.5 percent tax, while the entity or company will continue to pay a 25 percent tax.
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Our country sold out by politicians and beurocrates, they must be punished.
Govt finding way to tax more rather then reducing their own spendings and country development that will help to ease the taxes.