ISLAMABAD: The Federal Board of Revenue (FBR) will brief the Senate Finance Committee on a burning issue of Saint James Hotel and Club today (Thursday).
Similarly, FBR will also apprise the committee about total amount of customs duty collected during this fiscal year comparative to last year. FBR has received agenda items about these isues from Senate Finance Committee.
A well-placed official source, Wednesday, told Customs Today that concerned officials most probably, Member Customs and a few others had made preparations for today’s meeting of the committee.
A briefing paper prepared by the FBR team and available with Customs Today reveals that FBR has been informed by the tax manager Mansha family that the said propery was not owned by any individual but was 100% owned by M/s. Sea Capital Limited a company incorporated in the United Kingdom.
Similarly, FBR is likely to take a position that Mian Mansha does not have any interest in aforesaid entities. Since M/s. Sea Capital Limited is subsidiary of M/s. Residentia Holdings Ltd therefore procurement of the said entities required further probe. In this regard, a letter has been sent to Sea Capital Limited UK, for avoidance of double taxation and prevention of fiscal evasion.
A similar letter has also been sent to Singapore Tax Authorities for getting further information about tax affairs of M/S Residentia Holdings PTE Limited, where original foreign investment was made by aforesaid individuals.
The source while sharing the agenda for meeting forwarded by committee with scribe said that committee had desired to discuss the issue of import of various vegetables and fruits from Iran affecting the local farmers in Balochistan living near Iranian border.
Similarly, the committee has also sought briefings on the proposed agreement to be signed with the International Monetary Fund (IMF) on the conclusion of 70th review of extended funds facility program with particular reference to prior-action and commitments of the government .
Moreover, the issue of Tax Amnesty Scheme and tax exemption announced by the government and its impacts on economy will also come under discussion in today’s meeting.
