KARACHI: The Federal Board of Revenue (FBR) has confirmed that the prize money awarded to Olympian Arshad Nadeem for his achievements will not be subject to any income or withholding taxes, ARY News reported on Saturday.
FBR spokesperson Bakhtiar Muhammad clarified that the income tax laws do not impose any taxes on rewards received for accomplishments in the Olympic Games.
“Arshad Nadeem is a national hero, and we will extend all possible support to him,” stated the FBR spokesperson.
He further clarified that the Section 156 of the Income Tax Ordinance imposes taxes on prize money obtained through prize bonds, lotteries, quiz competitions, and sales promotions, these regulations do not apply to Arshad Nadeem’s Olympic rewards.
The FBR’s statement aimed to dispel any misconceptions, ensuring that the celebrated athlete’s achievements would be honored without any tax-related concerns.
