The world’s first AI-powered corporate tax assistant has been launched in the UAE by Dubai-based formation specialists and corporate services provider Virtuzone.
Powered by the GPT-4 AI model from US AI research lab OpenAI, TaxGPT is designed to help businesses in the UAE navigate corporate tax law.
“Innovation is at the heart of everything we do at Virtuzone,” said CEO George Hojeige.
“We’re committed to enhancing the entrepreneurial experience by integrating next-gen technologies like AI into our tools and processes, ultimately elevating the state of entrepreneurship in the country.”
Trained to provide answers based on information from the UAE’s Ministry of Finance and the Federal Tax Authority, the AI-powered tax assistant learns and adapts to legislative changes, aiming to keep businesses up to date with corporate tax regulations.
By leveraging AI technology, Virtuzone aims to equip entrepreneurs with the knowledge to transition into the UAE’s new tax regime, set to launch on June 1.
“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,” said John Casey, general manager at Virtuzone accounting and tax.
“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.”
TaxGPT follows Virtuzone’s launch of SWYFT Plan, an AI-driven business plan builder compliant with free zone authorities and banks in the UAE.
The company has also introduced a number of technology-led tax and accounting assistant initiatives, including corporate tax and business setup cost calculators, as well as a metaverse HQ.
Virtuzone is also partnered with cryptocurrency exchange Binance to accept payment via Binance Pay.
According to arabnews.com