TaxGPT, the first AI-powered corporate tax assistant, has been introduced by Virtuzone, a UAE-based company. It will help businesses understand the complex processes and requirements of the UAE’s new corporation tax legislation, which will go into effect on June 1, 2023.
TaxGPT is built on GPT-4, a sophisticated language model developed by OpenAI. TaxGPT will respond rapidly to concerns concerning company tax by the UAE Federal Tax Authority (FTA) and the UAE Ministry of Finance.
The database of the new tax assistant will also grow over time, providing access to real-time replies to tax-related issues. The technology will also assist the UAE in smoothly implementing the new tax legislation.
“TaxGPT is a tool we developed to help business entrepreneurs and organizations manage new duty regulations and the nation’s evolving business climate,” says John Casey, chief supervisor of Virtuzone (Accounting and Tax).
We are here to provide expert guidance and support since we understand that the new tax requirements may confuse many businesses.
Corporate Tax in the UAE:
The UAE will substantially transition from a tax-free system to one with a 9% business tax. The FTA ruling will go into effect on June 1.
Employees in the UAE who only receive salary payments need not be worried since their earnings will continue to be tax-free.
Corporate tax registration formally began on May 15 this year. While registration for the free zone and other businesses will commence later, FTA indicated that public joint stock firms and private corporations may register now using the EmaraTax platform.