How much of the announced prize money for Arshad Nadeem will be taxed? The details came out

Paris (Web Desk) The Federal Board of Revenue (FBR) has said that 20% tax will be levied on the prize money of Arshad Nadeem, who won the gold medal in the Paris Olympics.

According to FBR authorities, Arshad Nadeem is a grade 18 employee and income tax filer in WAPDA. The prize money received by the athlete will attract 20% tax under Section 156 of the Income Tax Act.

According to the authorities, the prize money of all players, including cricketers, is deducted by twenty percent.

The authorities say that the FBR does not have the authority to waive tax on the prize money of Arshad Nadeem, the federal cabinet has the authority to waive or discount the prize money.

According to FBR authorities, the amount declared for Arshad Nadeem so far is Rs 30 crore and on which Rs 6 crore is taxed.