Pakistan Revenue
KARACHI: The investment in premium prize bonds of Rs40,000 denomination has witnessed unprecedented growth of 157 percent after the government announcement to discontinue bearer prize bonds of same denomination. According to official documents, the investment in premium prize bonds of Rs40,000 denomination surged by 157 percent to Rs15.86 billion by September 2019 as compared with […]
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KARACHI: The investment in premium prize bonds of Rs40,000 denomination has sharply increased by 156 percent to Rs14.84 billion by August 2019 as compared with Rs5.78 billion in the same month of the last year. The significant increase in registered prize bonds of Rs40,000 denomination has been attributed to the announcement of the government to […]
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KARACHI: An amount of around Rs206 billion has been surrendered following the government announcement of discontinuation the circulation of unregistered prize bonds of Rs40,000 denomination. According to information received to PkRevenue.com, the total investment in unregistered Rs40,000 denomination prize bonds fell to Rs52.46 billion by August-end 2019 as compared with Rs258 billion in May 2019. […]
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KARACHI: The investment in premium prize bonds of Rs40,000 denomination has increased sharply by 115 percent following the ban imposed by the government on bearer instrument of same denomination.
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KARACHI: The investment in premium prize bonds of Rs40,000 denomination has increased by over 46 percent as the government stopped the circulation of bearer bonds of same denomination and launched campaign to document the economy. According to statistics released by State Bank of Pakistan (SBP) the total investment into premium prize bonds of Rs40,000 denomination […]
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KARACHI: Federal Board of Revenue (FBR) has issued withholding tax rates for winning prize bonds, cross word, raffle, lottery and quiz for tax year 2019/2020 as effective from July 01, 2019. The FBR said that every person making payment shall collect withholding tax from persons on active taxpayers list (ATL) and double the amount of […]
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KARACHI: Pakistani authorities have assured International Monetary Fund (IMF) of registering prize bonds and other bearer instruments to eliminate the use of these instruments in potential illegal activities and tax avoidance. The IMF issued Pakistan country report on Monday following successful $6 billion loan program. In order to make the program successful the Pakistani authorities […]
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KARACHI: The government will document an amount of Rs260 billion in first phase by withdrawing Rs40,000 denomination bonds. The government has announced to stop circulation of high denomination bearer bonds in order to curb the black economy. Till February 2019 the central directorate of national savings issued Rs259.22 billion bonds of Rs40,000. On Jane 24, […]
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KARACHI: State Bank of Pakistan (SBP) has stopped banks from issuing prize bond denomination of Rs40,000 with immediate effect and also issued instructions regarding conversion into registered bonds and encashment. The SBP on Monday issued the following instructions regarding handling of Rs.40,000/- denomination National Prize Bonds are issued herewith for information, guidance and meticulous compliance: […]
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ISLAMABAD: The government has increased withholding tax by 100 percent on winning of prize bonds for persons not on Active Taxpayers List (ATL).
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