The startup plans to spend fresh funds on expansion, enhance product and introduce new offerings
LAHORE: Online tax filing portal Befiler has announced a $1.5 million seed raise from international and local investors, the company announced in a statement today.
The round was co-led by US-based Cistech Capital and Pakistan’s Lakson Venture Capital (LVC), along with participation from local investors. Befiler has earlier received a Rs3 million grant from the State Bank of Pakistan (SBP) as part of the central bank’s Innovation Challenge Facility (ICF) for Digital Financial Services.
The process of filing tax returns directly with the Federal Board of Revenue (FBR) is cumbersome, requiring knowledge about how taxes work, the information that needs to be reconciled and then submitting that information at the tech-based platform of the FBR. There are two hurdles in this process: knowledge about how taxation works and financial literacy is low, and a majority of the people are not reasonably tech savvy to be able to file their returns online directly with the FBR.
As a consequence, people end up turning to lawyers to file their tax returns for them against a fee. Except that in this case, the fees could run in a few thousand rupees.
Befiler is gunning to solve this problem that if people face complications in filing tax returns directly with FBR, the app makes it easier for them by collecting very basic information on the app and making calculations easy, and using in-house...
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