‘No tax’ on prize money awarded to Arshad Nadeem, clarifies FBR.
As javelin thrower Arshad Nadeem, who won gold medal in Paris Olympics 2024, reached Pakistan last night, the Federal Bureau of Revenue (FBR) has denied reports suggesting taxation on prize money received by the Olympian.
“Rumours of taxing national hero [Arshad] Nadeem’s prize money are baseless. No tax will be charged on the prize money received by him,” FBR spokesperson Bakhtiar Muhammad said in a statement on Saturday, adding that neither withholding nor income tax is applicable to his prize money.
The tax authority’s clarification comes after rumours were circulating online, claiming that the Olympic gold medallist will have to pay tax on the prizes received by him.
NO TAX ON ARSHAD NADEEM!!!
FBR has given exemption of income and withholding tax on prize money received by Olympic gold medalist Arshad Nadeem.
– A good gesture from FBR. pic.twitter.com/RqhFuygGZr
— Nawaz 🇵🇰 (@Rnawaz31888) August 11, 2024
Minutes after Arshad Nadeem broke the men’s javelin Olympic record with his massivr 92.97 metres throw and won gold medal in the Paris 2024 Olympics, famous personalities announced that they would reward him generously.
Punjab Chief Minister Maryam Nawaz announced Rs100 million for Nadeem, while Karachi Mayor Barrister Murtaza Wahab announced a prize money of Rs50 million for the athlete.
Also read: CM Maryam announces Rs100m reward for Arshad Nadeem
The 27-year-old is also set to receive Rs2 million from Sindh Governor Kamran Tessori.
Rebuffing the “misleading and disturbing rumours” in the electronic and social media suggesting that Nadeem’s prize money will be taxed, the statement issued by the FBR stresses that the government and the tax body are determined to exempt his income from taxes before he files his return in September, 2025.
“Income tax rules do not mention tax on prize money received in Olympic games.
“Nadeem is a national hero and all possible cooperation will be extended to him [….] After this clarification, such baseless rumours [of taxing him] should be put to rest,” the FBR official noted.
