ISLAMABAD: The Federal Board of Revenue (FBR) has received a reply of Her Majesty Revenue and Customs, UK of queries regarding the investments made by renowned industrialist and owner of MCB, Mian Mansha and his family.
The UK Tax Department has informed the board about the offshore company that owned St. James Hotel along with the tax details of the company. FBR Chairman Nisar Mohammad Khan said the provided information was being reviewed and a final opinion would be established after studying its legal and technical aspects.
If it was proved that the said hotel was owned by the Mansha family, the FBR will investigate whether Pakistani residents had declared it in the tax returns or not, officials said. Pakistan will have the right to get back the taxes paid during the period-from the purchase of the hotel to until now if it was found the ownership of Mansha family, they added.
It may be mentioned here that the FBR had asked the UK Tax Department to provide details of foreign investments made Mansha family.
The FBR had demanded such details under Section 26 of the double taxation relief agreement signed by Pakistan, UK and Ireland, through a letter, which had been sent by Inland Revenue Policy (IR-Policy) former member Shahid Hussain Asad. He sent this letter following the investigations made by IR Intelligence and Investigation with the consent of FBR former chairman Tariq Bajwa.
As per the FBR’s investigations, it was found that Saint James’s Hotel, located in the area of Park Palace London, United Kingdom has been purchased by Umar Mansha, Hassan Mansha and Aimal Mansha with total cost of Rs 9 billion. The Mansha family invested such a huge amount through C-Capital, a credit provider company.
