The Federal Board of Revenue (FBR) has officially announced that Arshad Nadeem’s prize money will not be subject to any form of taxation. The confirmation from the FBR comes as a relief to the celebrated Olympian, ensuring that his hard-earned rewards will remain intact. The FBR spokesperson, Bakhtiar Muhammad, clarified that existing income tax laws do not apply to the rewards given for achievements in the Olympic Games, thereby exempting Arshad Nadeem’s prize money from any tax liabilities.
Exemption from Income Tax on Arshad Nadeem’s Prize Money
Bakhtiar Muhammad emphasized that Arshad Nadeem is considered a national hero, and the FBR is committed to supporting him in every possible way. According to the spokesperson, the current tax laws, particularly Section 156 of the Income Tax Ordinance, impose taxes on prize money obtained through prize bonds, lotteries, and rewards from quiz competitions or sales promotions. However, these specific regulations do not extend to the Olympic rewards received by Arshad Nadeem. This statement is aimed at dispelling any misconceptions regarding the taxation of such prizes and assuring the athlete that his contributions to the nation will be duly recognized without any financial burdens.
FBR’s Commitment to Supporting National Heroes
The FBR’s decision to exempt Arshad Nadeem’s prize money from taxation underscores the government’s commitment to acknowledging and honoring the achievements of its athletes. The spokesperson reiterated that no unnecessary tax burdens would be imposed on Arshad Nadeem, ensuring that the Olympian’s accomplishments are celebrated and rewarded in full. This move reflects the FBR’s broader approach to support national icons who bring pride and honor to the country on the global stage.
Also read: Arshad Nadeem Stuns Neeraj Chopra to Secure Olympic Gold in Javelin for Pakistan
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