PROFIT BEFORE TAX
Main Business Activities
- Trading and Supply
- Other support activities
Shell has had a presence in Singapore since 1891. Today, Shell’s activities include refining and manufacturing of petroleum and petrochemical products, lubricants and greases. Shell Singapore also undertakes trading and supply of a range of energy products. Shell operates a network of retail sites in Singapore; owns and operates ships, tankers and cargo carriers; and acts as an LNG aggregator for its customers, arranging importation and shipping of LNG from its network of suppliers to match buyers’ needs. We have treasury operations in Singapore and provide pension fund management and pension trustee services for Shell in Asia-Pacific.
Country Financial Analysis
The statutory corporate income tax rate in Singapore is 17%.
Shell in Singapore generates significant revenue from the wide range of business activities undertaken there but also incurs substantial operational costs. In 2019, Shell’s manufacturing and chemical businesses in Singapore continued to make capital investments. Under the group relief tax regime in Singapore, current-year capital allowances arising from such investments, as well as current-year losses, may be offset against the taxable profits of most entities within the Shell Singapore group of companies. Tax accrued in one year is typically paid in the following year.
On the basis of significant contributions to the local Singapore economy, including but not limited to local employment, local business expenditure, strategic partnerships with local industry participants and new business activities, some Shell Singapore companies have also been granted tax incentives.