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Virtuzone, UAE’s leading company formation specialist and award-winning corporate services provider, has launched TaxGPT, the world’s first AI-powered corporate tax assistant.
It is designed to help UAE-based businesses navigate the unfamiliar processes and regulations that will come with the upcoming corporate tax law, which comes into force on 1 June 2023.
TaxGPT is built on the artificial intelligence model of Generative Pre-trained Transformer 4 (GPT-4), an advanced language model developed by OpenAI, an American artificial intelligence research laboratory, and has been trained to provide immediate, specific and complete answers to questions related to the new corporate tax law. , based on online publications issued by the Ministry of Finance and the Federal Tax Office, the two official sources of information on corporate taxation.
latest answer
TaxGPT is also able to learn over time, allowing it to provide up-to-date answers to corporate tax-related questions as Treasury and FTA announce updates and changes to legislation.
By harnessing the power of AI technology, Virtuzone aims to provide entrepreneurs and businesses with the knowledge they need to smoothly transition and adapt to the UAE’s new tax laws, and ensure the smooth continuity of their business operations.
George Hojeige, CEO of Virtuzone, said: “Using innovation to improve the experience and journey of entrepreneurs and businesses has always been one of the core pillars of our organizational values. As we continue to seek to add value to the services we provide to customers and help advance business Setting up the department, we will relentlessly explore ways to integrate next-generation technologies, such as artificial intelligence, into our tools and processes, and contribute to elevating the state of entrepreneurship across the nation.”
expert guidance
John Casey, General Manager of Accounting and Taxation at Virtuzone, said: “TaxGPT is just one of the tools we have created to make it easier for entrepreneurs and businesses to navigate the new tax law and the country’s dynamic business environment. Saying it can seem like uncharted territory, which is why we’re here to provide expert guidance and assistance.”
TaxGPT is the second AI-assisted tool launched by Virtuzone, advancing the company’s portfolio of innovations. Prior to this, Virtuzone launched SWYFT Plan, an AI-driven business plan generator that allows users to generate business plans in less than 10 minutes.
Additionally, SWYFT Plan, a business plan currently in beta testing phase, complies with the requirements set by free zone authorities and banks, making it easier for entrepreneurs to start a business and open a bank account in the UAE.
Virtuzone also previously launched a corporate tax calculator and a business setup cost calculator, built the iconic V-shaped headquarters in the metaverse, and partnered with Binance to become the first corporate service provider in the UAE to accept cryptocurrency payments via Binance Pay business. — trade arab news agency
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