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The Ministry of Finance has issued draft rules for registered digital prize bonds, marking a significant step towards their introduction.
According to the notification, digital prize bonds will be traded via a mobile app. The prize money will be taxed, but Zakat will not be applicable.
There is no maximum investment limit, and every adult Pakistani citizen will be eligible to purchase these bonds.
The rules state that ownership transfer and pledging of bonds will not be allowed.
In the event of an investor’s death, the amount will be transferred to the legal heirs as per the succession certificate.
For manual prize bonds, withholding tax on winnings is deducted under Section 156 of the Income Tax Ordinance 2001.
However, the tax rate is 15 percent for filers and 30 percent for non-filers.
