FBR integrates 34 banks into SWAPS for efficient withholding tax collection

SWAPS agents will continue to collect and deposit withholding taxes under sections 153(1)(a) and 153(1)(b) of the Income Tax Ordinance, 2001, according to FBR
This image released on March 3, 2022, shows the FBR building. — Facebook/Federal Board of Revenue/ Canva
This image released on March 3, 2022, shows the FBR building. — Facebook/Federal Board of Revenue/ Canva

In a significant move to improve tax administration, ensure compliance with great precision, and streamline the tax collection process, the Federal Board of Revenue (FBR) has designated 34 banks as withholding agents to facilitate the collection and deduction of withholding taxes. 

These banks are set to be incorporated into the ‘Synchronized Withholding Administration and Payment System’ (SWAPS). 

To align with this initiative, the FBR officially issued Statutory Regulatory Orders (SROs).2041(I)/2024 on Tuesday. 

The SWAPS Agents will be responsible for collecting and depositing withholding taxes under sections 153(1)(a) and 153(1)(b) of the Income Tax Ordinance, 2001, through the SWAPS Portal, adhering to the dates set by the Board periodically.

Until the date is notified periodically by the Board, the designated SWAPS agents will continue to collect and deposit withholding taxes under sections 153(1)(a) and 153(1)(b) of the Income Tax Ordinance, 2001, as per the existing withholding procedures.

Gadinsider has compiled a list of all the banks declared by FBR as withholding agents, according to the SRO.2041(I)/2024:

  1. Al Baraka Bank (Pakistan) Limited
  2. Allied Bank Limited
  3. Askari Bank Limited
  4. Bank Al-Falah Limited
  5. Bank Al-Habib Limited
  6. Bank Islami Pakistan Limited
  7. Bank of China Limited
  8. Citi Bank N.A
  9. Deutsche Bank AG
  10. Dubai Islamic Bank Pakistan
  11. Faysal Bank Limited
  12. First Women Bank Limited
  13. Habib Bank Limited
  14. Habib Metropolitan Bank Limited
  15. Industrial and Commercial Bank of China
  16. Industrial Development Bank of Pakistan Limited
  17. JS Bank Limited
  18. MCB Bank Limited
  19. MCB lslamic Bank Limited
  20. Meezan Bank Limited
  21. National Bank of Pakistan
  22. Punjab Provincial Cooperative Bank Limited
  23. Samba Bank limited
  24. SILK Bank Limited
  25. Sindh Bank Limited
  26. SME Bank Limited
  27. Soneri Bank Limited
  28. Standard Chartered Bank (Pakistan) Limited
  29. Summit Bank Limited
  30. The Bank of Khyber
  31. The Bank of Punjab
  32. United Bank Limited
  33. Zarai Tarqiati Bank Limited
  34. State Bank of Pakistan.