Virtuzone, a UAE-based company formation specialist, has unveiled TaxGPT, the world’s first AI-powered corporate tax assistant. With the aim of aiding businesses in navigating the upcoming corporate tax law, which is set to take effect on June 1, 2023, TaxGPT provides instant and comprehensive answers to queries related to the new legislation.
Leveraging the advanced language model Generative Pre-trained Transformer 4 (GPT-4) developed by OpenAI, TaxGPT is trained on information from online publications released by the UAE Ministry of Finance and the Federal Tax Authority, the authoritative sources for corporate tax information. This enables the AI assistant to offer accurate and up-to-date insights based on the official regulations.
The AI-powered solution is not static but continues to learn and adapt over time, incorporating updates and changes announced by the Ministry and FTA. By harnessing the power of AI, Virtuzone aims to empower entrepreneurs and businesses by equipping them with the knowledge needed to smoothly transition and comply with the new tax law, ensuring seamless business operations.
John Casey, General Manager of Virtuzone Accounting and Tax, emphasized the company’s commitment to supporting businesses through the new tax regime. He stated that TaxGPT is one of the tools developed to provide expert guidance and assistance, acknowledging the challenges businesses may face in navigating uncharted territory.