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It’s raining money for Olympic champion Arshad Nadem after winning gold medal in the javelin event. This event is special for an athlete who had to buy new javelin through crowd funding. The medal was also historic since it was the country’s first in almost 40 years. However, will he be able to keep all the money he receives in cash prize?. In what can be called as a money heist, Pakistan’s Federal Board of Revenue will be receiving money from the prize money the star athlete has received.
How much money will Arshad Nadeem pay in tax?
Federal Board of Revenue (FBR) states that players are required to pay tax on prize money or lottery winnings. The tax rate differs for filers and non-filers. Arshad Nadeem will earn a total of PKR 20 Crore in prize money.
As per the report, The tax rate is different for filers and non-filers. A filer has to pay 15 per cent of the total amount, while a non-filer has to pay 30 per cent of the amount. If Arshad is a tax filer, he will have to pay PKR 3 crore rupees on the prize money, while if he is not a filer, he will have to pay PKR 6 crore.
Details of rewards that Arshad Nadeem will receive
Chief Minister Punjab Maryam Nawaz announced 10 crore rupees, while the Sindh government announced five crores as reward. The World Athletes Federation have announced reward of one crore 40 lakhs, Sindh Governor Kamran Tessori, cricketer Ahmed Shehzad and a singer gave a total of 30 lahks. Salman Iqbal of ARY has announced an apartment in ARY Laguna for the historic victory of Olympian Arshad Nadeem.
Arshad Nadeem receives warm welcome at Pakistan's Paris Embassy
After ending Pakistan's medal drought at Paris Olympics, Arshad Nadeem was given a warm reception on his arrival at Pakistani embassy in Paris. Large number of people mobbed to catch glimpse and take picture with the Olympic champion.
