Introducing TaxGPT: Virtuzone Unveils the First AI Corporate Tax Assistant for UAE Businesses
Virtuzone, a company formation specialist and provider of corporate services in the UAE, has introduced TaxGPT, a revolutionary AI-powered assistant designed to assist businesses in the UAE in navigating the upcoming corporate tax law.
This law is scheduled to take effect on June 1, 2023, and TaxGPT is programmed to help businesses understand and comply with the unfamiliar regulations and processes associated with it.
TaxGPT, which utilizes the advanced language model known as Generative Pre-trained Transformer 4 (GPT-4) developed by OpenAI, is trained to offer immediate, precise, and comprehensive responses to inquiries regarding the new corporate tax legislation.
It draws information from online publications released by the Ministry of Finance and the Federal Tax Authority, which are the official sources of information on corporate tax in the UAE.
Furthermore, TaxGPT has the capability to continually learn and adapt, enabling it to provide up-to-date answers as the legislation undergoes updates and modifications announced by the Ministry and FTA.
Virtuzone aims to leverage the power of AI technology to equip entrepreneurs and businesses with the knowledge necessary for a seamless transition and adjustment to the new tax law in the UAE. By doing so, they strive to ensure uninterrupted business operations.
It is worth noting that TaxGPT is the latest addition to Virtuzone’s portfolio of AI-assisted tools, following the introduction of SWYFT Plan, an AI-driven business plan builder that enables users to generate business plans within minutes.
SWYFT Plan, currently in beta testing, ensures compliance with the requirements set by free zone authorities and banks, simplifying the process of business setup and opening bank accounts in the UAE.
In addition to these innovations, Virtuzone has previously launched a Corporate Tax Calculator and a Business Setup Cost Calculator. They have also established an iconic V-shaped headquarters in the metaverse and partnered with Binance, becoming the first corporate services provider in the UAE to accept cryptocurrency payments through Binance Pay.