Oil giant Royal Dutch Shell on December 17 published its country-by-country report data for 2018 on the internet, providing information on items such as corporate taxes paid and revenue earned in 98 countries where the company has a taxable presence.
Large multinationals are required to submit country-by-country reports to tax administrations located in the countries where they operate; however, public release of this information is not required. It is rare for a multinational to release these reports publically.
“Businesses and society benefit when there is transparency and trust. This report is an important step towards greater transparency around Shell’s approach to paying taxes to governments around the world,” said Chief Finacial Officer, Jessica Uhl.
Shell’s country-by-country report revealed that Shell paid about USD 10.1 billion in corporate income taxes in 2018 and accrued about USD 300 million of withholding taxes.
Shell received the most revenue from operations in the US, with USD 191 billion revenue reported there in 2018. Profit before tax in the US was USD 1.7 billion and tax paid in the US was USD 251 million.
The oil giant reported its second highest revenue in Singapore, where it earned USD 143 billion. Profit before tax in Singapore was USD 2.1 billion and USD 8.3 million in tax was paid to that country.
In the UK, 2018 revenue was USD 108 billion, profit before tax was USD 731 million, and a tax loss of USD 115 million was reported.
The country receiving the most tax from Shell in 2018 was Oman, which received USD 3.3 billion. This was followed by USD 1.3 billion in tax paid in Nigeria and USD 1 billion tax paid to Norway.
Shell paid zero tax in the Bahamas despite reporting 22.5 billion in revenue there. 34 employees worked in the Bahamas and tangible assets in the country totaled 329 million. The Bahamas does not impose an income tax.
In 2018, zero tax was paid in 36 countries where Shell had a taxable presence.
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