PROFIT BEFORE TAX
Main Business Activities
Shell has been present in Uruguay since the acquisition of BG Group in 2016. BG (Uruguay) SA (BGU), a wholly-owned Shell subsidiary, provides services and advice to Gasoducto Cruz del Sur SA (GCDS), a midstream business, under the concession agreement for the construction and operation of a pipeline between Punta Lara (Argentina) and Montevideo (Uruguay). In 2017, BGU agreed to relinquish three offshore exploration blocks to the Uruguayan government.
Country Financial Analysis
The statutory corporate income tax rate in Uruguay is 25%.
In 2019, BG (Uruguay) SA and Pan America Energy SL (a company that provided information, expertise, training, or staff required by Shell to render services to GCDS) agreed to terminate their contract and an extraordinary cost was booked generating an overall loss for 2019. The loss resulted in no tax due in 2019. However, Uruguayan law levies a minimum amount of corporate income tax which BG (Uruguay) SA paid.