UAE-based Virtuzone’s newly launched AI-powered platform, TaxGPT, has attracted strong interest from users as the country prepares for its introduction. Corporate tax will be levied from June 1st.
This chatbot is trained to answer questions related to the new corporate tax law based on online publications published by the Treasury Department and the Federal Tax Service.
TaxGPT is built on the GPT-4 advanced language model developed by the American AI research institute OpenAI.
Virtuzone, a Dubai-based company that helps businesses get started, says it is the world’s first AI-powered corporate tax assistant.
“To date, we have received over 1,000 questions about the platform,” said Damian Brennan, head of marketing at parent company Virtue Group. National.
“TaxGPT provides fast answers to UAE corporate tax related questions.”
The new corporate tax, which applies the statutory tax rate of 9%, will go into effect on June 1.
Applies to businesses with revenues over AED 375,000 ($102,110). According to the Ministry of Finance, no corporate tax is levied on salaries and other personal income from employment, whether governmental, semi-governmental or private sector.
Governments and government-controlled organizations, as well as extractive and non-extractive natural resource businesses that meet set conditions, are not required to register under tax law.
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Virtuzone is developing new tools based on AI technology to help entrepreneurs set up businesses in the UAE, Brennan said.
The company also announced Swyft Plan, an AI-driven business plan builder that allows users to create business plans in minutes.
“The underlying principles of our work are to empower entrepreneurs to rapidly scale their businesses, maximize their growth potential, and provide next-generation tools to help them succeed in their niche markets. to do,” he said.
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.
Artificial intelligence is projected to have a significant impact on the technology ecosystem in the Mena region, with rapid advances in the artificial intelligence sector driving adoption across the industry, the study found.
The technology has been developing at a breakneck pace, especially since OpenAI’s ChatGPT became mainstream, and it’s gaining momentum as governments focus on leveraging its benefits and encouraging people to adopt it. is expected to increase, said Magnit of the emerging data platform. Recent report.
According to Brainy Insights, the global generative AI market is expected to reach $188.62 billion by 2032, growing at an annual rate of more than 36% from $8.65 billion last year.
Goldman Sachs estimates that this could add 7% to the global economy, or about $7 trillion, and boost productivity growth by 1.5 percentage points over a decade.
Updated: May 26, 2023, 10:18 AM
