KARACHI: The Federal Board of Revenue (FBR) has confirmed that Olympian Arshad Nadeem’s prize money will be exempt from income or withholding taxes.
FBR spokesperson Bakhtiar Muhammad clarified that income tax laws do not apply to rewards for Olympic achievements. “Arshad Nadeem is a national hero, and we are committed to supporting him,” the spokesperson said.
He explained that while Section 156 of the Income Tax Ordinance does impose taxes on prize money from prize bonds, lotteries, quiz competitions, and sales promotions, these rules do not pertain to Nadeem’s Olympic rewards.
The FBR’s statement is intended to clarify that Nadeem’s accomplishments will be recognized without any tax implications.
Earlier, Arshad Nadeem was awarded cash prizes by the Punjab and Sindh governments, where CM Maryam Nawaz offered Rs.10 crore and the Sindh government announced Rs. 5 crore prize for him.
Moreover, several prominent personalities in Pakistan also motivated and appreciated Arshad’s success and announced the 1 million prize.
