The Pakistan Federal Board of Revenue (FBR) issued new regulations requiring withholding agents to update their profiles and integrate approved software for transactions subject to withholding tax. The rules, introduced for the Synchronized Withholding Administration and Payment System (SWAPS), mandate agents to use FBR-approved software for tax-related transactions, with penalties for noncompliance.
Additionally, the FBR has updated rules for online business integration, establishing a licensing portal for registration and real-time reporting of digital invoices. However, software approval for SWAPS is pending. This update underscores the importance of seeking professional advice for tax-related matters.
