The Federal Board of Revenue (FBR) has made it clear that Prize Money for Arshad Nadeem will not be subject to any kind of income tax or withholding tax.
Bakhtiar Muhammad, a spokesman for the FBR, the income tax rules do not include any tax on prizes won at the Olympics.
A spokesman for the FBR said, “Arshad Nadeem is a national hero, and we will do everything we can to help him.”
Prize Money for Arshad Nadeem
According to Section 156 of the Income Tax Ordinance, taxes must be paid on prize money from raffles and prize bonds.
Companies also have to pay taxes on the prizes they give away in quizzes and sales events. The spokesperson also said that these rules do not apply to the rewards Arshad Nadeem got for his success at the Olympics.
The spokesperson’s words were meant to clear up any misunderstandings and false information. He made sure that the famous athlete’s accomplishments would be properly recognised and rewarded without putting too much of a tax load on the government.
