Karachi: The Federal Board of Revenue (FBR) has confirmed that Olympian Arshad Nadeem’s prize money will not be taxed. GRY News reported that the FBR stated this decision on Saturday.
FBR spokesperson Bakhtiar Muhammad explained that income tax laws do not tax rewards from Olympic Games achievements. He added, “Arshad Nadeem is a national hero, and we will support him fully.”
Bakhtiar Muhammad also noted that while Section 156 of the Income Tax Ordinance taxes prize money from prize bonds, lotteries, quizzes, and sales promotions, it does not apply to Nadeem’s Olympic prize.
The FBR’s statement aims to clarify any confusion and ensure that Nadeem’s accomplishments are celebrated without any tax issues.
