
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:
- Al Baraka Bank (Pakistan) Limited
- Allied Bank Limited
- Askari Bank Limited
- Bank Al-Falah Limited
- Bank Al-Habib Limited
- Bank Islami Pakistan Limited
- Bank of China Limited
- Citi Bank N.A
- Deutsche Bank AG
- Dubai Islamic Bank Pakistan
- Faysal Bank Limited
- First Women Bank Limited
- Habib Bank Limited
- Habib Metropolitan Bank Limited
- Industrial and Commercial Bank of China
- Industrial Development Bank of Pakistan Limited
- JS Bank Limited
- MCB Bank Limited
- MCB lslamic Bank Limited
- Meezan Bank Limited
- National Bank of Pakistan
- Punjab Provincial Cooperative Bank Limited
- Samba Bank limited
- SILK Bank Limited
- Sindh Bank Limited
- SME Bank Limited
- Soneri Bank Limited
- Standard Chartered Bank (Pakistan) Limited
- Summit Bank Limited
- The Bank of Khyber
- The Bank of Punjab
- United Bank Limited
- Zarai Tarqiati Bank Limited
- State Bank of Pakistan.