In a statement to NetMag, FBR spokesperson Bakhtiar Muhammad emphasized that current income tax laws do not include provisions for taxing rewards received for Olympic achievements.
“Arshad Nadeem is a national hero, and we will offer him our full support,” the spokesperson said.
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Section 156 of the Income Tax Ordinance mandates taxes on prize money won through prize bonds, lotteries, quiz competitions, and sales promotions. However, these taxes do not apply to the rewards given to Arshad Nadeem for his Olympic accomplishments, the spokesperson added.
The FBR’s statement aims to dispel any misinformation, assuring that Arshad Nadeem’s achievements will be honored without imposing any tax-related burdens.
