Arshad Nadeem’s Golden Triumph Brings Tax Implications Alongside Celebrations
Pakistan is gearing up to celebrate the return of javelin star Arshad Nadeem, who has brought home the nation’s first Olympic gold in nearly four decades at the Paris Olympics 2024.
While preparations to honor him are in full swing, the Federal Board of Revenue (FBR) is also set to calculate the taxes on the substantial prize money he has earned.
Arshad’s achievements have been rewarded with over 20 crores in cash, apartments, and cars, including 10 crore rupees from Punjab’s Chief Minister Maryam Nawaz, five crore from the Sindh government, and 1.4 crore from the World Athletes Federation. However, this financial windfall comes with a tax burden.
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According to FBR regulations, athletes are required to pay taxes on prize money. Filers must contribute 15 percent of the total amount, while non-filers face a 30 percent tax. For Arshad, this means a potential tax bill of three crore rupees if he is a filer, or six crore if he is not as per “The current” report.
As the country prepares to welcome its hero, Arshad must also prepare to fulfill his tax obligations, a reminder that even in victory, taxes are inevitable.
