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Shell online reporting suite 2022

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Venezuela

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Employees

5

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Total tax contribution

$321,198

Taxes borne

$318,708

Taxes collected

$2,491

  • Third-party revenues

    $98,886

  • Related-party revenues

    $749,644

  • Total revenues

    $848,531

  • Profit before tax

    $(8,103,270)

  • Corporate income tax paid

    $312,636

  • Corporate income tax accrued

    $312,918

  • Stated capital

    $823,556,440

  • Accumulated earnings

    $(923,367,633)

  • Tangible assets

    $209,154

  • Other payments to governments

    –

Shell's footprint

Shell has been present in Venezuela for 110 years. In 2018, Shell divested its interest in the Petroregional del Lago non-operated venture and in 2019 sold its lubricants business. Shell has paused its business activities in Venezuela because of the strengthening of sanctions in 2019 and 2020.

Country financial analysis

The statutory corporate income tax rate on our activities in Venezuela is between 15% and 34%. Corporate income tax paid in 2022 relates to withholding taxes on support services. Revenues are related to support services rendered from Venezuela to other countries.

Read more in Total tax contribution.

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Total tax contribution

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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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Corporate income tax paid
This comprises corporate income tax paid in 2022, as recorded in Shell's Consolidated Statement of Cash Flows, and includes accrued withholding taxes on dividend, interest and royalty payments to Shell entities. In some cases, this may include payments made in relation to previous years or future years as tax payments are often made in arrears or in advance. It does not include withholding taxes collected by Shell on dividends paid to shareholders. Nor does it include corporate income tax paid by non-consolidated joint ventures and associates.
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Withholding taxes
A withholding tax is an income tax to be paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. Withholding taxes usually apply to royalties, interest or dividends.
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