ISLAMABAD: Finance Minister Ishaq Dar today briefed Prime Minister Nawaz Sharif about his talks with the business community. Dar requested the issuance of an ordinance to institute the adjustment of withholding tax . Later, an advice on issuing an ordinance on the subject was sent to President Mamnoon Hussain.

Previously, Dar and traders agreed on the new rate of 0.3 percent. President Mamnoon Hussain will issue an Ordinance after which the decision to reduce withholding tax on cash transactions will be applicable.

The new rates will expire on September 30.