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Saint Lucia

Employees

0

Third-party revenues

$22,999,500
Related-party revenues

$3,152,781
Total revenues

$26,152,281
Profit before tax

$140,988,770
Corporate income tax paid

$0
Corporate income tax accrued

$0
Stated capital

$1,286,523,845
Accumulated earnings

$(742,721,723)
Tangible assets

$0
Other payments to governments

–

Shell’s footprint

Shell has been present in Saint Lucia since 2016 through investment holding companies for upstream and liquefied natural gas operations in the Caribbean. The holding companies were inherited as part of Shell’s acquisition of BG Group which began business in-country in 2002. These entities have interests in companies doing business in Trinidad and Tobago (see Trinidad and Tobago for more information). Following our review of these entities in 2021, we consolidated our operations in the region and simplified our holding structures. This included the liquidation of four Saint Lucian entities in that same year. In 2022, we began to liquidate our one remaining entity in Saint Lucia.

Country financial analysis

The statutory corporate income tax rate in Saint Lucia is 30%. Saint Lucia does not tax dividends on investments if they are paid from profits that have already been taxed in the country where the activities that generated the profits take place. As a result, Shell does not pay corporate income tax in Saint Lucia. Shell has no employees in the country and outsources its administrative activities. In 2022, the holding company earned revenue in the form of dividend income and recorded its share of profit from its investment in liquefied natural gas operations in Trinidad and Tobago.

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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Country

Throughout this report, “country” is used as the primary descriptor for a geographical area because that is the word used by the OECD/G20 base erosion and profit shifting project in their proposal for country-by-country reporting. This is one of the four minimum reporting standards to which around 135 countries have committed, covering the tax residence jurisdictions of nearly all large multinational enterprises. In this report “country” may also refer to locations, jurisdictions or territories which have their own tax regimes or discrete rules.

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Dividend

After payment of costs and taxes, a company may choose to make a dividend payment to its shareholders as a return on their investment in the company. After payment of dividends, any remaining surplus is termed "retained earnings" and is available for reinvestment in the business.

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Revenues

Revenues are disclosed as a split between those from related parties and those from third parties. For CbCR, third parties would include non-consolidated joint ventures and associates for the purposes of our Annual Report and Accounts 2022. Third-party revenues include sales of products, interest income, dividend income and other income. Related-party revenues include transactions between consolidated Group entities. For example, related-party revenues arise if our Trading organisation buys oil or gas from our Upstream organisation and sells it to our Downstream organisation. Within one country or location, many of these related-party transactions may occur, as Shell entities buy and sell goods, or provide and receive services, to or from each other. Shell includes all these transactions in its aggregated CbCR data. For example, feedstock could be sold to a refinery, refined and then processed further in a chemical plant before being traded by Shell. This can occur within one country or location. In this case, each of these sales between different entities would be counted as related-party revenues. These can represent large amounts.

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