“How can I legally save tax?” an idea intriguing for all yet few have successfully struck gold. A vast majority of the middle income salaried tax-filers in Pakistan think saving tax is for the elite few and requires enormous resources and possible violation of laws.
Its startling to know that in this country of 186+ million people, only approx. 1 million file income-tax returns, and of those around 700,000 are salaried-individuals. Government of Pakistan incentivize tax-filers in the form of withholding tax (advance income-tax) refunds on various transactions. However most salaried individuals unknowingly forego these claims.
Piepie.pk is a tax refund-automation platform that allows salaried tax-filers an easy to use tool to claim withholding tax refunds.
“It started when a friend asked me how to save taxes,” according to Syed Ali Saim, cofounder and CEO of Piepie.pk. “As a tax payer myself I’ve felt outraged at the process. Later however, compelled to help a friend, I started to research tax laws and gather as much information as I could. That’s when we found out about withholding tax refunds.”
We observed firsthand how such a simple facility has been obscured due to lack of knowledge within the salaried-employee community. We also learned that employers discourage the widespread use of this fairly simple tax benefit because of the additional record-keeping each employer’s HR will have to manage.
“This is probably why people don’t get into the hassle of claiming refunds, nor do employers wish to add to mounting paperwork. Both parties – employers & employees – needed a simple solution.”
With 12 years of experience in a variety of roles and projects, (we) the three founders decided to launch an online portal to automate the process, helping both employers and employees in dealing with income tax refunds. Rizwan Sharif as CTO and Danish Ahmed as Distinguished Engineer, the team applied to 10xC after coming across Nadeem Hussain’s post on LinkedIn in May 2016.
“We all have day jobs, also do consulting services but working with an accelerator was new one for us” Saim said. “The idea was so simple in its original form that it received instant validation from the accelerator. The mentors helped in strengthening the idea and that was a major morale booster.”
Piepie.pk is cloud hosted, providing free account to individuals to manage their income tax and its mobile application is also in the pipeline. Aiming to bring about 10% income tax filers on the platform in the first 12 months, the founders aim to make it go-to place for income tax matters.
We strive to encourage people to pay and file tax by highlighting the immediate benefits of increased savings.
To learn more, visit www.piepie.pk