Nobel Oil Services has announced that its another subsidiary Global Energy Solutions LLC is recognized
as a “Transparent Tax Partner” by the Ministry of Taxes of Azerbaijan Republic.
“Transparent tax partnership” practice is a brand new approach in establishment and further increase of mutual trust and transparency between taxpayers and tax authorities, setting up favorable environment for businesses and raising voluntary compliance level within the country.
The system serves to work with disciplined taxpayers first. The benefits of this 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 international business practice to demonstrate a special attitude to taxpayers, which honors their 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 taxes in full and in a timely manner, properly state the employee numbers and their salaries, possess secure e-signature, hold their accounting in line with international and local accounting standards. The taxpayers shall not make any transactions with taxpayers at risk and shall not be the taxpayer which was under economic criminal prosecution during last 3 years.
Global Energy Solutions LLC is the oil field operations and equipment maintenance arm of Nobel Oil Services that has been providing its services to the Oil & Gas, Power & Water industries in Azerbaijan since 2012. The services include asset integrity management, operational assurance services, valve, pumps, HVAC maintenance & repair, etc.