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State Bank Collaborates with FBR to Streamline Withholding Tax Payment System

  • June 21, 2023
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During the “International Conference on Digitalization of Taxes in Pakistan,” the State Bank of Pakistan (SBP) announced its partnership with the Federal Board of Revenue (FBR) to facilitate the full implementation of the Synchronized Withholding Administration and Payment System (SWAPS). This collaboration aims to address the practices of major withholding tax agents, including banks, power distribution companies, telecom companies, and government institutions, who currently deposit withholding tax through a single payment receipt for multiple taxpayers.

The conference, held at the FBR Headquarters, dedicated its first day to discussing the issue of the e-invoicing system in Pakistan. Chaired by FBR Member Admin and Human Resource, Syed Nadeem Hussain Rizvi, the opening session set the stage for fruitful discussions on digital tax initiatives. On the second day, the conference agenda includes exploring the State Bank of Pakistan’s role in operationalizing SWAPS through the RAAST payment gateway.

A primary focus of the conference is also the strategy for implementing an E-Withholding Tax System in Pakistan. Haneen Saif, Deputy Director (SWAPS) at FBR, will share Pakistan’s experience and plans for the e-withholding tax system, shedding light on the nation’s vision for digital tax reforms.

The conference opened with insightful remarks from Alberto Isgut, Economic Affairs Officer of the Financing for Development Section at the Economic and Social Commission for Asia and the Pacific (ESCAP). Experts participating in the conference emphasized that the major challenges associated with e-invoicing in Pakistan revolve around IT systems, infrastructure, legal and policy frameworks, institutional coordination, human resources, cybersecurity, data privacy, and other related factors.

One of the sessions featured Mark Stockwell, Director of e-Invoicing at the Australian Taxation Office, who provided a detailed analysis of the practical hurdles in implementing an E-Invoicing system. The panel discussion centered around the strategic approach to implement E-Invoicing in Pakistan, supplemented by a presentation by Frank Chan, who shared additional international experiences.

Ali Saeed, Deputy Director (Digital Invoicing), also delivered an elaborate presentation on Pakistan’s experience and plans for digital invoicing, while Omar Bin Ahsan shed light on how private partners collaborate with the FBR to support e-invoicing implementation in the country.

Moreover, the conference addressed practical challenges associated with the implementation of the point of sales (POS) system in Pakistan. Attila Mizanyi, Head of the Risk Analysis and Data Science Department at the National Tax and Customs Administration in Hungary, will deliver a presentation on this subject, further enriching the conference with international expertise and insights.

 

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