FBR dismisses claims of taxing Arshad Nadeem’s prize money

The Federal Board of Revenue (FBR) has officially confirmed that the prize money awarded to Olympian Arshad Nadeem for his outstanding achievements will not be subject to any income or withholding taxes.

This clarification comes as a relief and a gesture of recognition for the athlete’s contributions to the nation.

Bakhtiar Muhammad, an FBR spokesperson, explained that under current income tax laws, rewards and prizes received for accomplishments in the Olympic Games are exempt from taxation. He emphasized that Arshad Nadeem, who has been celebrated as a national hero, will receive full support from the FBR.

The spokesperson further explained that while Section 156 of the Income Tax Ordinance does impose taxes on prize money earned through prize bonds, lotteries, quiz competitions, and sales promotions, these regulations do not extend to rewards from Olympic achievements. This distinction ensures that Arshad Nadeem’s rewards will not be diminished by tax obligations.

The FBR’s statement serves to clear up any potential misunderstandings, reassuring both Nadeem and the public that his Olympic success will be honored without any financial deductions. This move is a part of the broader appreciation for the athlete's role in bringing pride to Pakistan on the global stage.