The Federal Board of Revenue (FBR) on Saturday quashed rumors that it plans to tax Olympic gold medalist Arshad Nadeem’s prize money, declaring that his winnings will be exempt from withholding tax.
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In a statement, the FBR clarified that Nadeem’s historic gold medal win has brought immense pride to the nation, and as a result, his prize money will not be subject to taxation.
“Mr. Arshad Nadeem is our national hero who has not only elevated Pakistan’s image in the whole world but has made the whole Pakistani nation overjoyed by winning a Gold Medal after 40 years in the Olympics,” the statement read.
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The FBR emphasized that there is no withholding tax on Nadeem’s prizes and that the Government of Pakistan and FBR are determined to make his income exempt much before he files his return in September 2025.
The statement concluded: “With this clarification, all such rumors must come to rest.”
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