News of tax on prize money to Arshad Nadeem, FBR’s reaction – Sports

Preparations are in full swing to welcome javelin star Arshad Nadeem, who won a gold medal for Pakistan after almost 40 years, at the Paris Olympics 2024, but on the other hand, the Federal Board of Revenue (FBR) has its hands on his prizes. The waist is tight to clean.

That means Arshad Nadeem will have to pay tax on the prize money won and declared in the Olympics without any government support.

Arshad Nadeem has been awarded Rs 1 crore 40 lakh by the World Athletes Federation. Prize money, apartments and cars of more than 20 crores have been announced for them from all over Pakistan.

How did Arshad Nadeem pass through the corridors of cricket and reach Javelin?

However, private websites “The Current” According to Arshad Nadeem, tax will be collected on these prizes. Because according to the Federal Board of Revenue (FBR), players have to pay tax on prize money or lottery winnings.

ARY has also announced an apartment at ARY Laguna for Olympian Arshad Nadeem’s historic victory.

When the awards were showered on Arshad Nadeem, the spokesperson of FBR said that no tax will be charged on the prize money received by Arshad Nadeem, Arshad Nadeem is a national hero and all possible cooperation will be given to him.

He explained that the prizes won in the Olympic Games are not taxed.

The spokesman further said that under Section 156 of the Income Tax Ordinance, there is tax on prize bonds, lottery prizes, quiz competition prizes and sales promotions of companies, income tax laws do not mention tax on Olympic sports prizes. .