The National Savings Centre has announced the results of the 107th draw for the Rs750 Prize Bond.
The computerised draw was held in Lahore, bringing good news for thousands of prize bond holders who had been eagerly awaiting the results.
The first prize of Rs1.5 million was awarded to prize bond number 976106.
Three second prizes of Rs500,000 each were won by prize bond numbers 350211, 604285, and 607262.
In addition, 1,696 winners will each receive a third prize of Rs9,300. The complete list of third-prize winners will be released by National Savings shortly.
National Savings also reminded winners that the full prize amount will not be paid, as withholding tax will be deducted before payment.
What is tax on the prize bond winning amount
According to an official notification, the federal government has announced an increase in the rate of withholding tax on the winning amount of prize bonds and profit on loans.
Under which filers will now have to face a 15 per cent withholding tax on the winning amount of prize bonds.
On the contrary, non-filers will be subject to a higher rate of 30 per cent on the same income.
It should also be noted that the prize bond scheme launched by the government has two objectives.
The first one is to generate funds for public initiatives, and secondly, to offer a safe way to the citizens of the state without the risk of depreciation of their wealth.
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