Virtuzone Launches TaxGPT, An Artificial Intelligence-Powered UAE Corporate Tax Assistant TaxGPT will help UAE-based businesses get answers about corporate tax based on online publications released by the Ministry of Finance and the Federal Tax Authority.
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Company formation specialist and corporate services provider Virtuzone has launched TaxGPT, a corporate tax assistant powered by artificial intelligence (AI) and programed to help UAE-based businesses navigate the unfamiliar processes and regulations that the upcoming UAE corporate tax law will bring once it officially takes effect on June 1, 2023.
Built on the AI model of generative pre-trained transformer 4 (GPT-4) developed by American AI research laboratory OpenAI, TaxGPT is trained to provide instant, specific and complete answers to questions related to the new corporate tax legislation. The answers are based on online publications released by the Ministry of Finance and the Federal Tax Authority which are the two official sources of information about corporate tax.
"Leveraging innovation to improve the experience and journey of entrepreneurs and businesses has always been one of the core pillars of our organization's values," said George Hojeige, CEO of Virtuzone. "As we continuously seek to add value to the services we provide to our clients and help advance the business setup sector, we will relentlessly explore ways to integrate next-generation technologies like AI into our tools and processes and contribute to elevating the state of entrepreneurship in the country."
TaxGPT is capable of learning over time, allowing it to provide up-to-date answers to corporate tax-related questions as updates and changes to the legislation are announced by the Ministry and FTA. It is the second AI-assisted tool launched by Virtuzone, following SWYFT Plan, an AI-driven business plan builder that allows users to generate business plans in less than 10 minutes, as well as its corporate tax calculator and a business setup cost calculator. Virtuzone is also the first UAE corporate services provider to accept cryptocurrency payments via Binance Pay.
Related: A New Era Is Here: Understanding The Impact Of The New Corporate Tax On Business In The UAE