ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday clarified reports on tax deductions from cash prizes declared by the government and individuals for Olympic gold medalist Arshad Nadeem.
Reports said that Arshad is a grade 18 officer of WAPDA and files his tax return annually. Therefore, under Section 156 of the Income Tax Act, 20% tax will be deducted from the cash prizes received by him from various circles. Also, reports stated that Arshad will get Rs 300 million in cash prizes and Rs 60 million tax will be deducted from this amount.
However, the FBR has categorically denied reports that any tax will be deducted from the cash prizes received by Arshad.
