ISLAMABAD: The Federal Board of Revenue (FBR) has implemented a new system to document withholding tax (WHT) transactions and timely deduction and transfer of WHT by the withholding agents on a real-time basis.

In this regard, the FBR has directed the “SWAPS Agent” (withholding agents) to install and integrate fiscal electronic devices and softwares for carrying out any transactions liable to withholding tax.


The FBR has issued draft SWAPS rules through an S.R.O. 1846(I)/2023 on Friday.
Under the new rules, the notified SWAPS agents shall fulfil requirements and obligations as prescribed in the rules. 

The “SWAPS” means FBR’s web-based portal or any computerized system of the notified SWAPS Agents integrated with the Board as notified from time to time for the purpose of processing payments for goods and services.

From the date to be notified by the Board, no SWAPS Agent shall carry out any transaction specified unless the CNIC, NTN, and IBAN of the withholdee bear the same title.

The SWAPS Payment Receipt (SPR) shall be the only proof of collection or deduction of tax, including for claiming a refund, or tax credit. A notified SWAPS Agent may request the Commissioner Inland Revenue through IRIS, for extension in time for registration or integration as SWAPS Agent, stating the reasons for such delay, 

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