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The TaxGPT will help businesses understand the complex processes and regulations of UAE’s new corporate tax law coming into effect on 1st June 2023
Virtuzone, a UAE-based technology company, has launched the world’s first AI corporate tax assistant named as the TaxGPT. The TaxGPT is built specifically for businesses and to assist them in understanding the processes and regulations of UAE’s new corporate tax law coming into effect on 1st June 2023.
We're proud to introduce #TaxGPT by Virtuzone! It's the world's first AI-powered UAE corporate tax assistant that's designed to help businesses, entrepreneurs and freelancers understand the new UAE corporate tax law better. Visit https://t.co/TWSbnU9OfO! pic.twitter.com/Wwy0Wqg4nz
— #VIRTUZONE (@Virtuzone_UAE) May 25, 2023
Inorder to create the TaxGPT, Virtuzone have used OpenAI’s advance language model named as the ‘GPT-4’.
According to Virtuzone, the TaxGPT is capable of giving an instant response to queries related to corporate tax, with the responses being in accordance with the corporate tax rules set up by the UAE’s Ministry of Finance and Federal Tax Authority (FTA).
While implementing and following new tax laws on a wide scale has never been an easy job for both governments and the companies who have to follow them, however, taking assistance from advanced technology such as the GPT-4 will go on to make the process a lot more easier.
“TaxGPT is a tool we made to help entrepreneurs and businesses handle the new tax law and the ever-changing business environment of the country. We know that the new tax rules might be confusing for many businesses, so we are here to offer expert help and support,” says John Casey, General Manager of Virtuzone.
The UAE new tax regulation marks a major change as the country moves from being tax free to charging a 9% corporate tax from companies exceeding business profits of AED 375,000.
Employees working with these companies however will not have to pay any taxes and their income, provided that it is coming from a single source, will remain tax free.
Should a similar AI tax assistant be launched in Pakistan, it would surely make life easier for income tax payers, what do you think?
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