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Venezuela

15 Employees

  • Third-party revenues

    $140,027

  • Related-party revenues

    $0

  • Total revenues

    $140,027

  • Profit before tax

    $(15,202,123)

  • Tax paid

    $609,100

  • Tax accrued

    $578,163

  • Tangible assets

    $749,178

  • Stated capital

    $823,525,356

  • Accumulated earnings

    $(901,817,076)

Main Business Activities

  • Upstream and Integrated Gas
  • Support activities

Shell has been present in Venezuela for 108 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.

However, following the progressive strengthening of sanctions in 2019 and 2020, Shell has paused its business activities until the international legal frameworks and conditions allow them to be resumed.

Country Financial Analysis

The statutory corporate income tax rate on our activities in Venezuela is between 15% and 34%.

Shell companies in Venezuela have operated as support corporate offices with no fiscal income over recent years. Tax paid in 2020 relates to withholding taxes on support services.

Corporate income tax
This is a direct tax imposed on companies’ profits. It is sometimes levied at a national level but can also be levied on a state or local basis.
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Country
Throughout this report, “country” is used as the primary descriptor for a geographical area because that is the word used by the OECD/G20 Base Erosion and Profit Shifting (BEPS) project in their proposal for country-by-country reporting (CbCR). This is one of the four minimum reporting standards to which over 100 countries have committed, covering the tax residence jurisdictions of nearly all large multinational enterprises (MNEs). In this report “country” may also refer to locations, jurisdictions or territories which have their own tax regimes or discrete rules.
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Withholding taxes
A withholding tax is an income tax to be paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. Withholding taxes usually apply to royalties, interest or dividends.
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