The first corporate tax assistant driven by AI, TaxGPT, has been released by a business based in the UAE called Virtuzone. It will aid companies in comprehending the intricate procedures and rules of the new corporate tax law in the UAE, which will take effect on 1 June 2023.
GPT-4, an advanced language model created by OpenAI, is the foundation of TaxGPT. In compliance with the Federal Tax Authority (FTA) of the UAE and the UAE Ministry of Finance, TaxGPT will provide immediate answers to questions about corporation tax.
The new tax assistant’s database will also develop over time, giving it access to real-time responses to tax-related questions. The technology will also aid UAE in implementing the new tax law without incident.
TaxGPT is a tool we created to assist business entrepreneurs and organizations with managing the new duty regulations and the developing business climate of the nation,” says John Casey, head supervisor of Virtuzone (Accounting and Tax).
We are here to offer professional assistance and support because we are aware that many firms may find the new tax regulations to be complex.
UAE Corporate Tax:
UAE is about to undergo a significant change as it switches from a tax-free regime to one that levies a 9% corporation tax. The FTA’s decision will become effective on June 1.
Employees in the UAE who just receive salary payments should not be concerned because their income will continue to be excluded from income tax.
On May 15 of this year, corporate tax registration officially commenced. FTA stated that while registration for the free zone and other enterprises will begin later, public joint stock companies and private companies can register through the EmaraTax platform now.