FBR Will Not Tax Arshad Nadeem’s Prize Money

The Federal Board of Revenue (FBR) has categorically stated that the prize money awarded to Olympian Arshad Nadeem will not be subject to any income tax or withholding tax. FBR spokesperson Bakhtiar Muhammad told ProPakistani that the income tax laws do not mention any tax on rewards received for achievements in the Olympic Games. “Arshad Nadeem is a national hero, and we will extend all possible support to him,” stated the FBR spokesperson. According to Section 156 of the Income Tax Ordinance, taxes are applicable on prize money obtained through prize bonds and lotteries. Additionally, taxes are imposed on rewards from quiz competitions and sales promotions given by companies. However, these regulations do not apply to the rewards received by Arshad Nadeem for his Olympic success, added the spokesperson. The spokesperson’s comments were aimed at dispelling any misconceptions and fake news. He ensured that the celebrated athlete’s achievements would be duly recognized and rewarded without any unnecessary tax burdens.