S.R.O. 419(l)/2024, Islamabad, the 21st March, 2024

Amendments in the Income Tax Rules, 2002 Government of Pakistan (Revenue Division) Federal Board of Revenue **** NOTIFICATION Islamabad, the 21st March, 2024 S.R.O. 419(l)/2024. - In exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002, the same having been previously published vide Notification No. S.R.O. 1846(l)/2023, dated 22nd day of December, 2023 as required by sub-section (3) of section 237 of the said Ordinance, namely:- In the aforesaid rules, in Chapter IX, after Part III, the following new Part IV, shall be added, namely: “PART-IV SWAPS RULES 46. Applicability. - (1) The provisions of this Chapter shall apply to all SWAPS agents as defined in clause (62B) of section 2 of the Income Tax Ordinance, 2001, (XLIX of 2001) from such date, and to the extent notified by the Board. (2) The notified SWAPS agents shall fulfil requirements and obligations as prescribed in this Chapter. 47. Definitions. - (a) “Digital Invoice” means an invoice generated from FBR’s web-based portal or computerized system integrated in the manner prescribed by the Board from time to time; (b) “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; (c) “SWAPS ID” means a unique number for identifying transactions carried out by a SWAPS Agent; and (d) “SWAPS Payment Receipt” means proof of payment relating to transactions carried out by a SWAPS Agent. 48. Registration. - Every SWAPS Agent shall update its IRIS profile upon notification under Sub-rule (1) of Rule (46). 49. Obligations and Requirements- (1) A notified SWAPS Agent shall install and integrate such fiscal electronic device and software as approved by the Board for carrying out any transactions liable to withholding tax in the mode and manner prescribed in this Chapter. Provided that payments referred to in sub-rule (1) shall include advance or partial payments, whether having any…