The Federal Board of Revenue (FBR) has addressed concerns regarding the taxation of prize money awarded to Arshad Nadeem, Pakistan’s Olympic gold medalist and world record holder.
In response to circulating reports, FBR spokesperson Bakhtiyar Muhammad clarified that neither domestic nor foreign prize money awarded to Nadeem will be subject to income or withholding taxes.
The FBR’s statement emphasized that current income tax laws do not stipulate taxes on earnings from Olympic victories. Furthermore, as a celebrated national hero, Nadeem will receive full support and no fiscal burdens on his Olympic rewards.
Nadeem has amassed over PKR 200 million in prize money and received substantial gifts, including apartments and vehicles. The World Athletics Federation also contributed PKR 14 million to his accolades.
Initial reports suggested potential tax obligations for Nadeem; however, the FBR has definitively stated these claims are unfounded. Under prevailing tax laws, filers and non-filers are usually required to pay 15% and 30%, respectively, but in Nadeem’s case, these rules will not apply.
