KARACHI: Making the single largest Amnesty declaration in the South Asian country, Habibullah Khan has declared liquid assets of $1.25 billion outside of Pakistan.
He is the Founder and Chairman of Mega Conglomerate – Mega & Forbes Group of Companies (Mega Group – MFG), a diversified conglomerate with business holdings including the country’s largest container terminal, the largest shipping and logistics businesses in the country, third largest dairy producer, top tier cement manufacturing company, vertically integrated shipping company and most progressive real-estate developer responsible for the only L.E.E.D. certified commercial building in Pakistan.
Khan’s declaration comes on the heels of a tax amnesty scheme announced through an Ordinance on April 10, 2018. Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha suggests businessmen who have kept their assets abroad or invested in real estate should legalise them through the amnesty scheme. The last date of availing the scheme is June 30, 2018.
This scheme has blessings from all stakeholders of the state, as the country desperately needs foreign exchange. Official foreign currency reserves held by the State Bank of Pakistan (SBP) hover around the $10-billion mark, and sufficient to finance barely two months of imports.
