The Federal Board of Revenue (FBR) has categorically stated that the prize money awarded to Olympian Arshad Nadeem will not be subject to any income tax or withholding tax.
FBR spokesperson Bakhtiar Muhammad told ProPakistani that the income tax laws do not mention any tax on rewards received for achievements in the Olympic Games.
“Arshad Nadeem is a national hero, and we will extend all possible support to him,” stated the FBR spokesperson.
According to Section 156 of the Income Tax Ordinance, taxes are applicable on prize money obtained through prize bonds and lotteries.
Additionally, taxes are imposed on rewards from quiz competitions and sales promotions given by companies. However, these regulations do not apply to the rewards received by Arshad Nadeem for his Olympic success, added the spokesperson.
The spokesperson’s comments were aimed at dispelling any misconceptions and fake news. He ensured that the celebrated athlete’s achievements would be duly recognized and rewarded without any unnecessary tax burdens.
Sorry but it is wrong. In Islamic societies you cannot create such exceptions. First exception was given to Army officers and government officers on sale of plots and now this.
This is not equality in my view. All Pakistanis should pay taxes on an equal basis.
He deserves it . He spent most of his life to earn something for this h3llh0le we call country .
If anything he deserves it . Let’s see if they actually do that
You f3kn shit mind your words before using bad word for country. Criticise politicians or any ABU you worship or not at present.
You f3kn sh3t mind your words before using bad word for country. Criticise politicians or any ABU you worship or not at present.
Bhai imf naraz hogay ga loan nahi dega. General public kp bhi yahi kehtay ho naa muskhil halat ha sabar kato.
Zalim
According to Section 156 of the Income Tax Ordinance, taxes are applicable on prize money obtained through prize bonds and lotteries.
I don’t think his winning can be categorized as prize bond or lottery. It is not applicable any way.
He is liable for taxation under the head “Income from other sources” at the slab rates. An SRO should be issued for exemption of such cases, otherwise no one is above law.