Karachi, December 10, 2024 – The Federal Board of Revenue (FBR) has officially designated 34 banks to act as agents under the Synchronized Withholding Administration and Payment System (SWAPS). This initiative is intended to streamline the deduction and collection of withholding taxes, integrating these functions into the advanced SWAPS portal.
The designation was formalized through SRO 2041(I)/2024, with the FBR notifying the following banks as SWAPS agents:
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 Limited
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 Islamic 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
The FBR clarified that these banks are responsible for collecting and depositing withholding taxes under Sections 153(1)(a) and 153(1)(b) of the Income Tax Ordinance, 2001. Until the SWAPS system is fully operational, the banks will continue their tax collection duties under the existing withholding tax regime.
Integration with the SWAPS portal requires compliance with specified parameters and APIs shared with these banks. Once fully implemented, SWAPS is expected to enhance tax administration by synchronizing and automating withholding tax processes, thereby improving transparency and efficiency.
This measure is part of the FBR’s broader efforts to modernize Pakistan’s tax collection systems and integrate advanced technology to enhance compliance and reduce manual errors.