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FBR Notify Banks for Integration with SWAPS for Withholding Tax Collection

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


  1. 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.
  2. 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.
  3. SWAPS Compliance:
    • 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.
  • 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.




https://taxationpk.com/fbr-notify-integr...ollection/