A UAE-based company, Virtuzone, has launched the world’s first AI-powered corporate tax assistant, TaxGPT. It will help businesses in understanding complex processes and regulations of the upcoming corporate tax law in UAE, coming into effect on 1 June 2023.
TaxGPT is built on GPT-4, an advanced language model made by OpenAI. TaxGPT will give instant responses to queries related to corporate tax in accordance with UAE’s Ministry of Finance and Federal Tax Authority (FTA).
The new tax assistant will also evolve its database over time, allowing it to have real-time answers to taxation queries. The tool will also help UAE to smoothly implement the new tax law.
General Manager of Virtuzone (Accounting and Tax), John Casey, remarked, “TaxGPT is a tool we made to help entrepreneurs and businesses handle the new tax law and the ever-changing business environment of the country.”
He further added, “We know that the new tax rules might be confusing for many businesses, so we are here to offer expert help and support.”
UAE Corporate Tax
UAE is set to make a major change as it transitions from being tax-free to imposing a 9% corporate tax. The decision by FTA will take effect on 1 June.
UAE employees who receive a single income stream through salary payments need not worry, as their earnings will remain exempt from income tax.
Registration for corporate tax began on 15 May this year. FTA said that public joint stock companies and private companies can register through the EmaraTax platform, whereas registration for the free zone and other companies will open later.