South Korea
130 Employees
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Third-party revenues
$223,206,925
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Related-party revenues
$50,296,760
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Total revenues
$273,503,685
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Profit before tax
$22,935,036
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Tax paid
$7,577,247
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Tax accrued
$8,545,761
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Tangible assets
$52,989,279
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Stated capital
$17,946,809
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Accumulated earnings
$73,718,608
Main business activities
- Downstream
- Support activities
Shell’s Footprint
Shell has been active in the Republic of Korea since the early 1960s. Shell has various business activities in Korea including liquefied natural gas (LNG), lubricants and chemicals. We also provide technology licensing services to Korean refineries and the power sector. We have recently expanded our activities into offshore wind and environmental products trading.
Country financial analysis
The statutory corporate income tax rate in Korea is progressive. The rates are 10% on the first 200 million Korean won (KRW), 20% for a tax base between KRW 200 million and KRW 20 billion, 22% for a tax base between KRW 20 billion and KRW 300 billion, and 25% for a base beyond KRW 300 billion. Profit is made predominantly from the downstream marketing business. The tax reflects the Korean tax payable on the profits. The revenue figure rose, while the profit figure dropped because the new entity, Shell Renewable Korea, is still in a loss-making stage of its business cycle.
