ISLAMABAD: Federal Board of Revenue (FBR) Chairman Nisar Mohammad Khan is likely to brief the Senate Standing Committee on Finance and Revenue about the updated status of the investigations into the issue of sale/ purchase of Saint James Hotel and Club by a renowned businessman Mian Mohammad Mansha.
The St James’s Hotel and Club is situated at 7-8, Park Place, London, and is part of the Lahore-based Nishat Group, owned by Mian Mansha. The hotel has 56 rooms and 12 suites many of which have their own terraces, plus a penthouse with a party deck for 60 people.
In December last year, the FBR informed the Senate panel that investigation to ascertain the facts regarding purchase of the hotel by renowned business tycoon in the United Kingdom were underway. Then committee sought details from the FBR and the State Bank regarding the purchase of Saint James Hotel and Club by Mian Mansha family at 60 million UK pounds equivalent to Rs 9 billion.
Source at the FBR told Customs Today that the FBR chairman was likely to inform the committee about the updated report about the outcome of the contacts with British and Singaporean tax authorities regarding the provision of the required data of funds transfer for the procurement of the hotel.
However, since no positive response has been received from both the aforesaid ends so far therefore Nisar Muhammad Khan is very much likely to reiterate the previous stance before the committee that the tax law did not allow him to share information about tax return of any individual but they provided some relevant information for the sake of parliamentarians respect.
He is also likely to repeat the previous stance that British tax authorities and Singapore tax authorities had been contacted for matching details after which they would be able to come up with final findings.
