ISLAMABAD: After the stern action taken by the Federal Board of Revenue (FBR) against the tax evaders, the investment in prize bond business has been improved to whiten the black money.
Sources told Customs Today that the board has observed that investment in the prize bond business has been increased in recent times after stern action against the big tax evaders while during the current tax year, the investment in prize bond has been increased by Rs40 billion and reached to Rs922 billion.
Sources also told that these prize bonds are offered to the people who intend to whiten their black money. The claims of winning prize bonds are filed with State Bank of Pakistan (SBP). Since this is not a documented business, it is causing loss to the state exchequer in the shape of evasion of taxes.
Meanwhile, the investment in Rs40,000 worth prize bond during current year reached to Rs259 billion with the increase of Rs34 billion in only one year. Such investment in Rs25,000 worth prize bond reached to Rs156 billion with the increase of Rs22 billion during the current year.
