Mexico
Employees
166
Total tax contribution
$40,237,336
Taxes borne
$28,327
Taxes collected
$40,209,009
-
Third-party revenues
$1,378,583,672
-
Related-party revenues
$152,565,054
-
Total revenues
$1,531,148,727
-
Profit before tax
$(239,148,233)
-
Corporate income tax paid
$(1,715,673)
-
Corporate income tax accrued
$1,547,305
-
Stated capital
$1,742,108,274
-
Accumulated earnings
$(1,264,679,439)
-
Tangible assets
$504,258,012
-
Other payments to governments
$41,913,830
Shell's footprint
Shell has been active in Mexico since 1954 when it started as a chemicals business. In 2022, Shell's activities included nine deep-water blocks, one shallow-water block, 230 Shell-branded retail sites, the import and supply of petrol and diesel, the sale of petrochemicals and lubricants through macro-distributors, a commercial fleet, and a power and natural gas trading business.
Country financial analysis
The statutory corporate income tax rate in Mexico is 30%. Losses in 2022 were predominantly a result of exploration costs and investment in downstream activities where margins were impacted by amendments to regulations in the retail energy sector. In Mexico, tax is paid in instalments in advance during the year and any overpayments may be used to reduce the tax liability in future periods. Our Payments to Governments Report for 2022 shows that Shell paid around $42 million in fees.
Read more in Total tax contribution and in Payments to Governments Report(shell.com/payments-to-governments).
