Introducing TaxGPT, the AI-powered UAE corporate tax assistant

image credit: Virtuzone

Artificial intelligence and machine learning are making our lives simpler with each passing day. Corporate services provider and company formation specialist Virtuzone is now employing these advanced technologies to support UAE-based entrepreneurs particularly with the advent of the corporate tax regime that officially takes effect on June 1, 2023.

The company has unveiled TaxGPT, the “world’s first” AI-powered corporate tax assistant programmed to help UAE-based businesses navigate their way through the new processes and regulations associated with corporate.

How the TaxGPT tool works…

Built on the AI model of Generative Pre-trained Transformer 4 (GPT-4), an advanced language model developed by OpenAI, TaxGPT is trained to offer instant, specific and complete answers to questions related to the new corporate tax legislation, based on online publications released by the UAE’s Ministry of Finance and the Federal Tax Authority.

The tool 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.

George Hojeige, CEO of Virtuzone, said: “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.”

John Casey, general manager of Virtuzone Accounting & Tax, 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 landscape. We understand that the new tax regime can seem like uncharted territory for many businesses, and that is why we are here to provide expert guidance and assistance.”

Other helpful tools for entrepreneurs

TaxGPT is the second AI-assisted tool launched by Virtuzone. It is preceded by SWYFT Plan, an AI-driven business plan builder that allows users to generate business plans in less than 10 minutes.

The business plans generated by SWYFT Plan, now in its beta testing phase, are compliant with requirements set by free zone authorities and banks, making it easier for entrepreneurs to set up a business and open a bank account in the UAE.

Virtuzone has also previously launched a Corporate Tax Calculator and a Business Setup Cost Calculator, built an iconic V-shaped headquarters in the metaverse, and partnered with Binance and became the first UAE corporate services provider to accept cryptocurrency payments via Binance Pay.