In a move that will bring relief to Pakistan’s national hero, Arshad Nadeem, the Federal Board of Revenue (FBR) has confirmed that the prize money awarded to him for his historic achievements at the Paris Olympics will not be taxed. This clarification comes after rumors circulated about potential taxes on his rewards.
Arshad Nadeem, a gold medalist for Pakistan, made history by breaking a 118-year-old Olympic record and bringing Pakistan its first gold in 40 years. In recognition of his exceptional performance, the federal, Punjab, and Sindh governments declared different rewards for the Olympian. However, concerns arose about whether these rewards would be subject to taxation.
Responding to these concerns, FBR spokesperson Bakhtiar confirmed to Samaa TV that there will be no tax on the prizes given to Arshad Nadeem. He stressed that Olympic prizes are not subjected to taxation under the Income Tax Ordinance. Unlike other types of prizes, such as those from lotteries or quiz competitions, which are taxable under Section 156 of the Income Tax Ordinance, Arshad Nadeem’s awards are exempt from taxation.
The FBR spokesperson emphasized that Arshad Nadeem is a national hero and pledged to provide him with any necessary support as he continues to make the country proud. This move by the FBR is a welcome gesture, recognizing the contributions of national athletes like Arshad Nadeem who bring honor and recognition to Pakistan on the international stage.
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