The Federal Board of Revenue (FBR) has issued S.R.O. 2041(I)/2024 on December 10, 2024, to notify the integration of specified banks as withholding agents under Section 164A of the Income Tax Ordinance, 2001. These banks are required to collect and deposit withholding taxes through the SWAPS Portal as per the guidelines and timelines set by the FBR.
Conditions for Integration
- Use of SWAPS Portal:
- The designated banks must integrate with the SWAPS Portal for collecting and depositing withholding taxes under Sections 153(1)(a) and 153(1)(b) of the Income Tax Ordinance, 2001.
- Full integration is subject to fulfilling parameters and APIs communicated by FBR.
- Transition Period:
- Until the integration is fully operational, the notified banks will continue operating under the current withholding regime for taxes under the specified sections.
- SWAPS Compliance:
- The integration process will require adherence to SWAPS parameters for seamless and accurate tax collection and deposit.
- The integration process will require adherence to SWAPS parameters for seamless and accurate tax collection and deposit.
Related Articles:
FBR Introduces SWAPS System for Withholding Agents
FBR SWAPS System for Withholding Tax Collection & Fines on Non-Compliance
Key Responsibilities of SWAPS Agents
- Tax Deduction and Collection: Collect withholding taxes at the prescribed rates and deposit them through the SWAPS Portal.
- Timely Compliance: Ensure compliance with the dates notified by FBR for transition to the SWAPS Portal.
- Transparency: Implement systems to ensure accurate reporting and timely submission of data to the FBR.
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Notified Withholding Agents
Below is the list of banks designated as withholding agents:
Sr. No. NTN Name of Withholding Agent 1 2554922-7 Al Baraka Bank (Pakistan) Limited 2 0801428 Allied Bank Limited 3 0709045-5 Askari Bank Limited 4 0698202-6 Bank Al-Falah Limited 5 0709857-0 Bank Al-Habib Limited 6 2238845-1 Bank Islami Pakistan Limited 7 748393-1 Bank of China Limited 8 0700253-0 Citi Bank N.A 9 0700245-9 Deutsche Bank AG 10 2395184-2 Dubai Islamic Bank Pakistan 11 0815065-6 Faysal Bank Limited 12 0700268-8 First Women Bank Limited 13 0698187-9 Habib Bank Limited 14 0711167-3 Habib Metropolitan Bank Limited 15 3751229-3 Industrial and Commercial Bank of China 16 0700285-8 Industrial Development Bank of Pakistan Limited 17 2663703-7 JS Bank Limited 18 0700267-0 MCB Bank Limited 19 4424246-5 MCB Islamic Bank Limited 20 0787226-7 Meezan Bank Limited 21 0700271-8 National Bank of Pakistan 22 0801400-7 Punjab Provincial Cooperative Bank Limited 23 1804331-3 Samba Bank Limited 24 0816469 SILK Bank Limited 25 3654008-7 Sindh Bank Limited 26 1471147-8 SME Bank Limited 27 0801438-8 Soneri Bank Limited 28 2731134-1 Standard Chartered Bank (Pakistan) Limited 29 2663705-7 Summit Bank Limited 30 0000092 The Bank of Khyber 31 0800543-5 The Bank of Punjab 32 0801164-8 United Bank Limited
This integration aims to modernize tax collection, enhance transparency, and improve compliance with the Income Tax Ordinance, 2001. The SWAPS Portal will streamline the process, reducing manual intervention and ensuring accountability among withholding agents.
