Arshad Nadeem tax relief: The Federal Board of Revenue (FBR) has made a significant announcement regarding Olympian Arshad Nadeem’s prize money. Contrary to the usual practice, Nadeem’s rewards for his outstanding performance at the Olympic Games will not be subject to any income tax or withholding tax.
This decision recognizes Nadeem’s exceptional achievements and aims to support him as a national hero. The FBR spokesperson, Bakhtiar Muhammad, emphasized their commitment to extending all possible assistance to the athlete.
“Arshad Nadeem is a national hero, and we will extend all possible support to him,” stated the FBR spokesperson.
The income tax laws in Pakistan do not specifically mention taxation on rewards received for accomplishments in the Olympic Games. Therefore, Arshad Nadeem can now enjoy his prize money without any tax burdens. According to Section 156 of the Income Tax Ordinance, taxes are applicable on prize money obtained through prize bonds and lotteries.
This move by the FBR highlights the importance of celebrating and encouraging sports excellence in the country. It sends a positive message to other athletes and reinforces the value of their hard work and dedication.
In summary, Arshad Nadeem’s prize money remains untaxed, allowing him to fully enjoy the fruits of his labor on the global stage.
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