Virtuzone, a UAE-based company, has created TaxGPT, the world’s first AI-powered corporate tax assistant. It will assist businesses in comprehending the complicated processes and requirements of the future corporate tax laws in the UAE, which will take effect on June 1, 2023.
TaxGPT is based on GPT-4, an advanced programming model developed by OpenAI. TaxGPT will provide quick replies to company tax issues in compliance with the UAE’s Ministry of Finance and Federal Tax Authority (FTA).
World’s First AI Tax Assistant ‘TaxGPT’
The new tax assistant’s database will also improve over time, allowing it to provide real-time responses to taxation inquiries. The technology will also help the UAE in the smooth implementation of the new tax law.
“TaxGPT is a tool we created to help companies and entrepreneurs deal with the new tax law and the country’s ever-changing business environment,” said John Casey, General Manager of Virtuzone (Accounting and Tax).
“We know that the new tax rules may be confusing for many businesses,” he said, “so we are here to offer expert help and support.”
UAE Corporate Tax
The UAE is about to go through a major change from tax-free status to a 9% corporation tax. The FTA ruling will take effect on June 1.
Employees in the UAE who get a single income stream through salary payments need not fret because their earnings are tax-free.
Corporate tax registration commenced on May 15, this year. According to FTA, public joint stock firms and private corporations can register via the EmaraTax platform, while registration for free zones and other companies will be available later.