Nobel Oil Services has announced that its another subsidiaryGlobal Energy Solutions LLC is recognized as a “Transparent TaxPartner” by the Ministry of Taxes of Azerbaijan Republic.
“Transparent tax partnership” practice is a brand new approach inestablishment and further increase of mutual trust and transparency betweentaxpayers and tax authorities, setting up favorable environment for businessesand raising voluntary compliance level within the country.
The system serves to work with disciplined taxpayers first. The benefits ofthis system include shortened time response to the taxpayer’s request,cooperation with taxpayer to remove any inconsistencies in declarations,provision of targeted services, etc. It is a widely spread internationalbusiness practice to demonstrate a special attitude to taxpayers, which honorstheir tax obligations in a timely manner.
Taxpayers shall meet a number of criteria to gain the “Transparent Tax Partner”status. Such taxpayers shall firstly file their tax reports and pay their taxesin full and in a timely manner, properly state the employee numbers and theirsalaries, possess secure e-signature, hold their accounting in line withinternational and local accounting standards. The taxpayers shall not make anytransactions with taxpayers at risk and shall not be the taxpayer which wasunder economic criminal prosecution during last 3 years.
Global Energy Solutions LLC is the oil field operations and equipmentmaintenance arm of Nobel Oil Services that has been providing its services tothe Oil & Gas, Power & Water industries in Azerbaijan since 2012. Theservices include asset integrity management, operational assurance services,valve, pumps, HVAC maintenance & repair, etc.