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, including charging for electric vehicles; owns and operates ships, tankers and cargo carriers; and acts as an LNG marketer and trader 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 but also incurs substantial operational costs. In 2020, profit fell for a number of reasons, including a surplus of fuel supply in the region and a significant drop in demand and prices as a result of COVID-19. Shell’s manufacturing and chemical businesses in Singapore continued to make capital investments. Singapore allows current-year capital allowances on such investments and losses to be offset against the taxable profits of most entities. Tax accrued in one year is typically paid in the following year.
Singapore has granted some Shell companies tax incentives based on our contribution to the local economy, including local employment, local business expenditure and strategic partnerships with local industry participants.