Virtuzone launches TaxGPT, the world’s first AI-powered corporate tax assistant to help UAE-based businesses obtain corporate tax answers based on online publications published by the Ministry of Finance and the Federal Tax Authority. Announced.
Through TaxGPT, Virtuzone aims to empower entrepreneurs and businesses to smoothly transition and adapt to the UAE’s new corporate tax law. TaxGPT is his second AI-assisted tool announced by Virtuzone and will enhance the company’s innovation portfolio.
Virtuzone, the UAE’s leading company formation specialist and award-winning corporate services provider, is the first company in the world programmed to help UAE-based companies cope with the unfamiliar processes and regulations introduced by the upcoming corporate tax law. launched TaxGPT, an AI-powered corporate tax assistant. When it officially enters into force on June 1, 2023,
Built on the AI model of Generative Pre-trained Transformer 4 (GPT-4), an advanced language model developed by OpenAI, an AI research institute in the United States, TaxGPT answers questions related to the new corporate tax law. trained to provide immediate, specific and complete answers. , based on online publications published by his two official sources of corporate tax information: the Treasury Department and the Federal Tax Administration.
TaxGPT can also learn over time, providing up-to-date answers to corporate tax-related questions as updates and changes to legislation are announced by the ministry and FTAs.
By harnessing the power of AI technology, Virtuzone aims to provide entrepreneurs and businesses with the knowledge they need to smoothly transition and adapt to the UAE’s new tax laws and ensure smooth business continuity. increase.
Virtuzone CEO George Hojeige said: “Using innovation to improve the experience and journey of entrepreneurs and businesses has always been one of the core pillars of our organizational values. Additionally, in our ongoing quest to help advance the business setup department, we are constantly looking for ways to integrate next-generation technologies, such as AI, into our tools and processes to help improve the status quo for companies. Entrepreneurship in this country.”
Virtuzone Accounting & Tax General Manager John Casey said: “TaxGPT is just one of the tools we have created to make it easier for entrepreneurs and businesses to adapt to new tax legislation and the dynamic business environment in this country. We understand that this can seem like an area of concern, and that’s why we’re here to provide expert guidance and assistance.”
TaxGPT is the second AI-assisted tool announced by Virtuzone to enhance the company’s innovation portfolio. This follows his Virtuzone introduction of his SWYFT Plan, an AI-driven business plan builder that allows users to create a business plan within 10 minutes of him. Furthermore, the business plan produced by SWYFT Plan, which is currently in the beta testing stage, complies with the requirements set by free zone authorities and banks, thus enabling entrepreneurs to establish a business and open a bank account in the UAE. becomes easier.
Virtuzone has so far launched a corporate tax calculator and a business formation cost calculator, built an iconic V-shaped headquarters in the Metaverse, and partnered with Binance to accept cryptocurrency payments via Binance Pay. Became the first UAE corporate service provider.
