The Federal Board of Revenue (FBR) has addressed circulating rumors, confirming that no taxes will be levied on the prize money awarded to national athlete Arshad Nadeem for his historic accomplishments.
Arshad, who won a gold medal for Pakistan at the Paris Olympics, shattered a 118-year-old Olympic record, marking the country’s first gold medal in 40 years. Following his outstanding achievement, the federal, Punjab, and Sindh governments announced various rewards for him. However, speculation arose that these rewards might be subject to taxation.
Gold medalists are awarded 80,000 euros ($86,528), which is 15,000 euros more than what was offered at the Tokyo Olympics.10 hours ago
In response to these concerns, FBR representative Bakhtiar, during a private discussion with a private news outlet, assured that the prizes given to Arshad Nadeem would not be taxed. He clarified that Olympic prize money is exempt from taxation under the Income Tax Ordinance.
Bakhtiar further explained that while prize bonds, lottery winnings, quiz competition rewards, and sales promotion prizes by companies are taxable under Section 156 of the Income Tax Ordinance, this provision does not apply to the awards earned by Arshad Nadeem.
The FBR spokesperson reiterated Arshad Nadeem’s status as a national hero and pledged the Board’s full support as he continues to bring pride to the nation.
