FBR Issues List of 34 Banks to Work as Withholding Agents

The Federal Board of Revenue (FBR) has declared 34 banks as withholding agents for the purpose of deduction and collection of withholding taxes to integrate with ‘Synchronized Withholding Administration and Payment System’ (SWAPS).  In this regard, the FBR issued an SRO.2041(I)/2024 on Tuesday.  The FBR stated that the FBR has notified 34 banks as agents for the purpose of deduction and collection of withholding taxes to integrate with SWAPS subject to the conditions mentioned herein.  The SWAPS Agents shall be liable to collect and deposit withholding taxes under sections 153(1)(a) and 153(1)(b) of Income Tax Ordinance,2001, through SWAPS Portal as per the date notified by the Board periodically.  Provided that till the said date is notified by the Board, the mentioned notified SWAPS agents shall continue to collect and deposit withholding taxes under sections 153(1)(a) and 153 (1) (b) of Income Tax Ordinance, 2001 under the current withholding regime.  As per SRO.2041(I)/2024, the FBR has declared the following banks as withholding agents: 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 and  State Bank of Pakistan.