National Energy Services Reunited Corp.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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Mar 31, 2026 · Filed May 11, 2026
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7. INCOME TAXES
- INCOME TAXES
NESR is a holding company incorporated in the British Virgin Islands (“BVI”), which imposes a 0% statutory corporate income tax rate on income generated outside the jurisdiction. NESR’s subsidiaries operate across multiple tax jurisdictions in the MENA region, where statutory tax rates generally range from 0% to 35%. However, the adoption of Domestic Minimum Top-Up Taxes (DMTT) under the OECD Pillar Two framework has, in many cases, resulted in effective tax rates exceeding local statutory minimums.
The Company recorded income tax expense of $7.1 million with an effective tax rate of 23.0%, and $3.3 million with an effective tax rate of 24.2%, for the three-month periods ended March 31, 2026, and March 31, 2025, respectively, in the Consolidated Statements of Operations.
The period-on-period decrease in the effective tax rate is primarily driven by changes in geographic earnings mix, as well as higher pre-tax income relative to adjustments related to the Company’s uncertain tax positions and unrecognized tax benefits.
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