UAE Gets World’s First AI Tax Assistant “TaxGPT”
- 25, May , 2023
Newstoday: TaxGPT, which is the first AI tax assistant, was built by Virtuzone, a UAE-based company. It will help firms understand the complex processes and requirements of the UAE's forthcoming corporation tax legislation, which will go into effect on June 1, 2023. TaxGPT is built on GPT-4, an advanced language model created by OpenAI. TaxGPT will respond quickly to corporate tax concerns in accordance with (FTA) ministry in the UAE. The new tax assistant's database will also grow, allowing it to respond to taxation inquiries in real-time. The technology will also help the UAE apply the new tax law more smoothly.
The UAE is preparing to transition from tax-free status to a 9% corporate tax. The UAE is preparing to transition from tax-free status to a 9% reserved for the corporate sector. The FTA decision will go into effect on June 1. Employees in the UAE who get a single income stream in the form of salary payments do not need to worry since their earnings are tax-free. This year's corporate tax registration began on May 15. According to FTA, public joint stock companies and private corporations can register using the EmaraTax platform, while free zones and other enterprises will be allowed to register later.