ISLAMABAD: Holders of the Rs 750 National Prize Bond have received a significant update just a day before the much-anticipated 107th draw, scheduled to take place at the National Savings Center in Lahore.
The draw, conducted through a computerized balloting system, will determine the lucky winners of substantial cash prizes.
The first prize stands at an impressive Rs 1.5 million, awarded to a single fortunate bondholder. Additionally, three individuals will each receive the second prize of Rs 500,000. For the third prize, 1,696 winners will be awarded Rs 9,300 each.
However, the excitement of winning is tempered by the application of withholding tax, as per government regulations.
Tax filers will see a 15% deduction on their prize money, while non-filers will face a higher 30% deduction. This means that the first prize winner, after tax, will take home Rs 1,275,000 if they are a filer, or Rs 1,050,000 if they are a non-filer.
Similarly, the second prize winners will receive Rs 425,000 as filers or Rs 350,000 as non-filers. For the third prize, the net amounts will be Rs 7,905 for filers and Rs 6,510 for non-filers.
This announcement serves as a reminder for all bondholders to verify their tax status and prepare for the potential deductions, ensuring a smooth and transparent process for all participants.
