Tax Talks

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.