“FBR Will Not Tax Arshad Nadeem’s Prize Money”
The Federal Board of Revenue (FBR) has officially confirmed that the prize money awarded to Olympian Arshad Nadeem will not be subjected to income tax or withholding tax, offering clarity on a matter of public interest.
Speaking to ProPakistani, FBR spokesperson Bakhtiar Muhammad emphasized that current income tax laws do not impose any tax on rewards received for outstanding achievements in the Olympic Games. He stated, “Arshad Nadeem is a national hero, and we will extend all possible support to him,” highlighting the government’s commitment to honoring his contributions to the nation.
The spokesperson further clarified that, under Section 156 of the Income Tax Ordinance, taxes are typically levied on prize money obtained through prize bonds and lotteries. Additionally, taxes apply to rewards from quiz competitions and sales promotions offered by companies. However, these specific regulations do not extend to the rewards given to Arshad Nadeem for his remarkable success in the Olympics, reaffirming the government’s stance on celebrating and supporting the country’s top athletes.
The FBR spokesperson’s comments were also aimed at dispelling any misconceptions or misinformation circulating in the media. He assured that Arshad Nadeem’s accomplishments would be fully recognized and that he would receive his rewards without any unnecessary tax burdens. This statement serves as a clear message of support for the celebrated athlete, reinforcing the importance of recognizing and rewarding those who bring pride to the nation on the global stage.
