KARACHI: Federal Board of Revenue is considering to stop issuance of prize bonds worth rupees twenty five thousand and forty thousand from July 1, 2015. FBR is also tightening its ropes around winners of cash prize and pursue them to deposit tax.
Well informed sources in FBR says that Bureau have already detected corruption through these prize bonds, so the national kitty is facing huge financial loss in terms of taxes. The sources further revealed that tough measures will be taken against such individuals who are involved in this kind of corruption.
FBR is also considering to impose tax on prize bond winning amount. A proposal in this regard is already under consideration of the government as government is planning to seek deposit of prize bonds in banks and deduct withholding tax @ 0.2 per cent from these prize bonds.
