Virtuzone – the UAE’s leading company formation specialists and award-winning corporate services provider – has launched TaxGPT, the world’s first AI-powered corporate tax assistant programmed to help UAE-based businesses navigate the unfamiliar processes and regulations that the upcoming corporate tax law will bring once it officially takes effect on June 1, 2023.
Built on the AI model of Generative Pre-trained Transformer 4 (GPT-4), an advanced language model developed by American AI research laboratory OpenAI, TaxGPT is trained to provide instant, specific and complete answers to questions related to the new corporate tax legislation, based on online publications released by the Ministry of Finance and the Federal Tax Authority, the two official sources of information about corporate tax.
TaxGPT is also capable of learning over time, allowing it to provide up-to-date answers to corporate tax-related questions as updates and changes to the legislation are announced by the Ministry and FTA.
By harnessing the power of AI technology, Virtuzone aims to empower entrepreneurs and businesses with the knowledge they need to smoothly transition and adapt to the UAE’s new tax law and ensure frictionless continuity of their business operations.
George Hojeige, CEO of Virtuzone, said: “Leveraging innovation to improve the experience and journey of entrepreneurs and businesses has always been one of the core pillars of our organisation’s values. As we continuously seek to add value to the services we provide to our clients and help advance the business setup sector, we will relentlessly explore ways to integrate next-generation technologies like AI into our tools and processes and contribute to elevating the state of entrepreneurship in the country.”
John Casey, General Manager of Virtuzone Accounting & Tax, said: “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. 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 is the second AI-assisted tool launched by Virtuzone, boosting the company’s innovation portfolio. It follows Virtuzone’s introduction of SWYFT Plan, an AI-driven business plan builder that allows users to generate business plans in less than 10 minutes. Additionally, the business plans generated by SWYFT Plan, now in its beta testing phase, are compliant with requirements set by free zone authorities and banks, making it easier for entrepreneurs to set up a business and open a bank account in the UAE.
Virtuzone has also previously launched a Corporate Tax Calculator and a Business Setup Cost Calculator, built an iconic V-shaped headquarters in the metaverse, and partnered with Binance and became the first UAE corporate services provider to accept cryptocurrency payments via Binance Pay.
Virtugroup is a Dubai-based holding company consisting of Virtuzone, which offers free zone and mainland company formation services; and Next Generation Equity, which offers a range of citizenship and residency-by-investment programmes. With over 150 staff speaking 30 languages, Virtuzone provides impartial advice on UAE company setup while being an end-to-end solution provider for a host of business services, including everything from visas and trade licences to accounting and branding. As the leading company formation specialists in the UAE, Virtuzone removes the complexities of setting up a business so that entrepreneurs can focus on what really matters to their company’s success. For more information visit www.vz.ae
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