PROFIT BEFORE TAX
Main Business Activities
- Upstream and Integrated Gas
- Other support activities
Shell has been present in Venezuela for 107 years and used to have upstream and downstream activities. In 2018, Shell divested its interest in the Petroregional del Lago non-operated venture and in 2019 sold its lubricants business. Shell has an interest in several gas projects in the north-east of the country and the Dragon offshore field.
Country Financial Analysis
The statutory corporate income tax rate for all activities in Venezuela is progressive, starting at 15% and reaching 34%.
Shell companies in Venezuela recorded tax losses during 2019 because of reduced operational revenues. The main income in 2019 was related to the sale of the lubricants plant. The figure shown under tax paid relates to withholding taxes on support services, not corporate income tax.