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832 Employees

  • Third-party revenues


  • Related-party revenues


  • Total revenues


  • Profit before tax


  • Tax paid


  • Tax accrued


  • Tangible assets


  • Stated capital


  • Accumulated earnings


Main business activities

  • Upstream
  • Downstream
  • Renewables and Energy Solutions
  • Trading and Supply

Shell’s footprint

Shell has been active in Brazil since 1913 and has upstream, downstream and new energies activities. The acquisition of BG Group in 2016 made Shell one of the largest international investors in Brazil’s conventional deep-water oil fields. In our Downstream business, we have a lubricants business and a 44% stake in Raízen, which manufactures sugar cane ethanol and supplies and distributes fuels. Raízen is one of the world’s largest sugar cane ethanol producers, responsible for more than 2 billion litres per year.

Country financial analysis

The statutory corporate income tax rate in Brazil is 34%. In 2021, the corporate income tax accrued by Shell Brasil Petroleo Ltda. (“SBPL”) was reduced by the interest on capital paid to its shareholders. In 2021, SBPL also received a tax refund of more than $30 million related to corporate income tax overpayments made in prior years. The increase in revenues is predominantly due to the higher oil price in 2021.

Our Payments to Governments Report for 2021 also shows that SBPL paid $2.3 billion in production entitlements, royalties, bonuses and fees.

Payments for bonuses usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced or production has reached a milestone.
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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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Fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed. Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government.
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Royalties are generally payment due for the use of an asset. Mineral royalties are payments to governments or other owners for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken. See Trademark royalties.
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