Preparations are in full swing to welcome back javelin star Arshad Nadeem, who won a gold medal for Pakistan in the Paris Olympics 2024, the country’s first in almost 40 years. On the other hand, the Federal Board of Revenue will certainly be busy preparing a tax sheet for the prize money the star athlete has received.
How much tax will Arshad have to pay on the money he has received as a reward for his hard work and without any government support?
The World Athletes Federation has given Arshad Nadeem a reward of one crore 40 lakh rupees. Gifts of cash, apartments, and cars have been announced for him from all over Pakistan, for a total prize money of more than 20 crores till now.
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According to the Federal Board of Revenue (FBR), players are required to pay tax on prize money or lottery winnings. The tax rate is different for filers and non-filers. A filer has to pay 15 percent of the total amount, while a non-filer has to pay 30 percent of the amount.
Arshad will receive a total prize money of over 20 crores in the form of cash prizes, apartments and cars. If he isva filer, he will have to pay three crore rupees on the prize money, while if he is not a filer, he will have to pay six crore.
Chief Minister Punjab Maryam Nawaz announced 10 crore rupees for the national hero, the Sindh government five crore, the World Athletes Federation one crore 40 lahks, Sindh Governor Kamran Tessori, cricketer Ahmed Shehzad and a singer gave a total of 30 lakh while Salman Iqbal of ARY has announced an apartment in ARY Laguna for the historic victory of Olympian Arshad Nadeem.
