While recovery from the global pandemic has started, COVID-19 continues to have a serious impact on people’s health and livelihoods in many parts of the world. Shell’s tax team continues to provide the business with the advice and support it needs. Read more about Shell’s response to COVID-19 on our website: www.shell.com/covid19.
War in Ukraine
The Tax Contribution Report 2021 discloses how much corporate income tax we paid in countries and locations where we had a taxable presence in 2021. The data on the pages detailing the country-by-country reporting (CbCR) for Russia and Ukraine relate to a period before the outbreak of war in Ukraine in February 2022. Actions taken by Shell as a result of the war are therefore not reflected in these numbers. Read more about Shell’s actions in support of global economic measures against Russia on our website: War in Ukraine: Shell’s response.
Cost of living
Consumers are facing significantly higher energy bills and rising inflation as a result of volatile prices and the energy crisis triggered by the war in Ukraine. At the same time, energy producers are benefiting from higher revenues and additional cash flows. Many governments are introducing additional taxes on the windfall gains made by the energy industry due to these higher prices. These taxes are commonly referred to as “windfall taxes”. Read more in Windfall taxes.