The Pakistan Federal Board of Revenue (FBR) has issued new rules requiring withholding agents to update their profiles in the FBR’s record and integrate FBR-approved software for processing transactions subject to withholding tax. The new rules for the Synchronized Withholding Administration and Payment System (SWAPS) will commence on a date designated by the FBR. Agents must also ensure that the withholdee’s identity card number, tax registration number, and bank account number have the same title. The SWAPS Payment Receipt (SPR) will serve as proof of tax collection or deduction, and penalties will apply for noncompliance. Additionally, the FBR has updated rules for online integration of businesses for digital invoice processing, including the creation of a licensing portal and detailing the responsibilities of integrated enterprises.
Source EY
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