PROFIT BEFORE TAX
Main Business Activities
- Upstream and Integrated Gas
Shell has been active in Denmark since 1913 and has an office in Copenhagen. In July 2019, Shell Overseas Holdings Ltd., the UK shareholder of Shell Olie-og Gasudvinding Danmark B.V. (SOGU), completed the sale of its interest in SOGU to Norwegian Energy Company ASA (Noreco) for $1.9 billion. The transaction also included SOGU's subsidiary Shell Olie-og Gasudvinding Danmark Pipelines ApS, which holds an interest in the pipeline that transports gas from the Danish continental shelf to the European continent. Shell retains its downstream presence in Denmark through A/S Dansk Shell, which includes the Fredericia refinery.
Country Financial Analysis
The statutory corporate income tax rate in Denmark is 22%. Denmark also has a petroleum tax of 25% and a special income tax for hydrocarbons of 52%. The petroleum tax is deductible for the calculation of the special income tax for hydrocarbons. This results in an overall tax rate of 64%.