The Federal Board of Revenue (FBR) has officially dismissed rumors regarding the taxation of Arshad Nadeem’s Olympic prize money, confirming that his reward from the 2024 Paris Olympics will remain tax-free.
Arshad Nadeem made history by securing Pakistan’s first Olympic gold medal in 40 years, and in doing so, he also shattered a 118-year-old record, leading to widespread celebration across the country.FBR representative Bakhtiar Muhammad explained that while some types of prize money, such as lottery winnings, are subject to taxes, Olympic awards are specifically exempt.
This means that Nadeem’s Olympic prize money is safe from any tax deductions.The FBR has reassured the public that they are taking steps to ensure that Nadeem’s prize money remains tax-free, with plans to confirm this exemption well before his tax return is due in September 2025.This clarification brings relief to those concerned about Nadeem’s earnings and allows the nation to focus on celebrating his incredible achievement without worry.
