FBR has embarked on a pioneering tax reform initiative by introducing the SWAPS. This digital transformation aims to boost tax transparency and combat evasion.   Through the Statutory Regulatory Order (SRO) 419(I)/2024, the FBR has amended the Income Tax Rules/2002, paving the way for SWAPS implementation to modernize withholding tax processes, transitioning them to the digital sphere.   Designated SWAPS Agents are required to align with regulatory standards, refine their profiles within the Integrated Risk Information System (IRIS) and adopt approved electronic devices for withholding tax transactions.   SWAPS mandates all specified transactions to occur through its platform, ensuring every...