This AI-powered platform answers all your UAE corporate tax queries

TaxGPT chatbot has received more than 1,000 questions so far

Virtuzone aims to tap into the potential of AI to launch more tools to help businesses and entrepreneurs. Photo: Virtuzone
Powered by automated translation

UAE-based Virtuzone's newly launched TaxGPT, an AI-powered platform, has received strong interest from users as the country prepares to introduce corporate tax on June 1.

The chatbot is trained to provide 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.

TaxGPT is built on the GPT-4 advanced language model developed by American AI research laboratory OpenAI.

It is the world’s first AI-powered corporate tax assistant, Virtuzone, a Dubai company that helps businesses to set up their operations, said.

“We have received over 1,000 questions on the platform so far,” Damian Brennan, head of marketing at parent company Virtu Group, told The National.

“TaxGPT provides quick answers to UAE corporate tax-related questions.”

The new corporate tax, which will be applied at a statutory rate of 9 per cent, will come into effect on June 1.

It is applicable to companies whose income exceeds Dh375,000 ($102,110). There will be no corporate tax levied on salaries or other personal income from employment – be it in the government, semi-governmental organisations or the private sector, according to the Ministry of Finance.

Government and government-controlled organisations, as well as extractive and non-extractive natural resource businesses that meet the set conditions are not required to register under the tax law.

UAE corporate tax: What you need to know

UAE corporate tax: What you need to know

Virtuzone is developing new tools based on AI technology to help entrepreneurs set up their operations in the UAE, Mr Brennan said.

The company has also unveiled Swyft Plan, an AI-driven business plan builder that allows users to generate business plans in minutes.

“The underlying principle behind our efforts is to empower entrepreneurs and equip them with next-generation tools that will help them quickly scale their operations, fully harness their growth potential and succeed in their niche markets,” he said.

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 the FTA.

Artificial intelligence is projected to make a significant impact in the Mena region's technology ecosystem as rapid advancements in the sector drive adoption across industries, a study has found.

The technology, which has developed at a blistering pace, particularly after OpenAI's ChatGPT broke into the mainstream, is expected to gain further momentum as governments focus on taking advantage of its benefits and encouraging people to adopt it, start-up data platform Magnitt said in a recent report.

The global generative AI market is expected to reach $188.62 billion by 2032, growing at an annual rate of more than 36 per cent from $8.65 billion last year, according to Brainy Insights.

It could also drive a 7 per cent – or almost $7 trillion – increase in the global economy and lift productivity growth by 1.5 percentage points over a 10-year period, Goldman Sachs estimated.

Updated: May 26, 2023, 10:18 AM