Brazil

Employees

715

Total tax contribution

$534,821,799

Taxes borne

$509,326,489

Taxes collected

$25,495,310

• Third-party revenues

  $1,479,373,530

• Related-party revenues

  $11,177,020,172

• Total revenues

  $12,656,393,702

• Profit before tax

  $4,290,633,614

• Corporate income tax paid

  $478,763,833

• Corporate income tax accrued

  $694,923,220

• Stated capital

  $2,883,990,011

• Accumulated earnings

  $(6,463,168,706)

• Tangible assets

  $27,874,807,943

• Other payments to governments

  $3,877,784,036

Shell's footprint

Shell has been active in Brazil since 1913 and has upstream, downstream and renewables activities. The acquisition of BG Group in 2016 made Shell the largest international investor in Brazil's conventional deep-water oil fields. In our Downstream business, we have a 44% stake in Raízen, which produces sugar-cane ethanol and supplies and distributes fuels. Raízen is one of the world's largest biofuel producers, producing around 3 billion litres per year. In 2022, Shell completed the sale of its Lubricants business to Raízen.

Country financial analysis

The statutory corporate income tax rate in Brazil is 34%. In 2022, Shell paid $553 million in corporate income tax and received a tax refund of $75 million related to corporate income tax overpayments made in previous years. The increase in revenues, and consequently in profit, in 2022 is mainly the result of the higher oil price. In 2022, Shell made use of a tax incentive in Brazil that allows companies to support culture and sport with up to 1% of their tax due. As a result, Shell directed $15 million of its tax due to support the initiative. Our Payments to Governments Report for 2022 shows that Shell paid around $3.9 billion in production entitlements, royalties, bonuses and fees.