An advice has been sent to the President for issuance of ordinance to reduce withholding tax (WHT) on banking transactions.

The advice was sent after Finance Minister Ishaq Dar got approval from Prime Minister Nawaz Sharif on that count in Islamabad on Saturday.

The Finance Minister briefed the Prime Minister about his recent visit to China, signing of agreement with the Asian Infrastructure Investment Bank and meetings with Heads of financial institutions including Exim Bank.

The Finance Minister also apprised the Prime Minster of agreement reached with Traders Associations and members of business community regarding adjustment in withholding tax from 0.6 percent to 0.3 percent.

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