Islamabad:
FBR declared 34 banks including State Bank, Agricultural Development Bank as swap agents while implementing online tax payment system.
FBR and provincial revenue authorities have unanimously extended the scope of single sales tax return to microfinance banking and oil and gas sector.
According to the FBR notification, 34 bank swap agents have been declared and given conditional permission to deduct online withholding tax and deposit it in the national exchequer.
The said banks will have to deduct the tax and deposit it in the treasury through the swap portal as per the date notified by FBR.
FBR parameters and APIs have to be implemented, Swap Agents Banks include all private banks including State Bank, Agricultural Development Bank.
When contacted, FBR officials said that a new integrated system for payment of taxes, ePayment 2.0, has been introduced.
