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Print Print 2023-12-23

WHT transactions: FBR implements new documentation system

  • Directs withholding agents to install and integrate fiscal electronic devices and softwares for carrying out any transactions liable to withholding tax
Published December 23, 2023

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 software 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.

Property registration in Punjab: Mega WHT evasion scam unearthed

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 an extension in time for registration or integration as SWAPS Agent, stating the reasons for such delay, the FBR added.

Copyright Business Recorder, 2023

Comments

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Twain pen di Dec 23, 2023 07:14am
idiots believe they will transform Pakistan into a first world country, the reality is it will always be a banana Republic.
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Amir Dec 23, 2023 08:05am
I wish him the best of luck and hope new chairman will good for us I had applied job but not response kindly help me thanks
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Syed Zulfiqar Ali Dec 23, 2023 11:01am
How the collecting agent (WHT) like KE, SSGC & KW&SB will be regulated?
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FOZE Dec 23, 2023 11:15am
ATTENTION TO WHT OF FBR
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