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Total tax contribution


Taxes borne


Taxes collected


  • Third-party revenues


  • Related-party revenues


  • Total revenues


  • Profit before tax


  • Corporate income tax paid


  • Corporate income tax accrued


  • Stated capital


  • Accumulated earnings


  • Tangible assets


  • Other payments to governments

Shell's footprint

Shell has been present in Singapore since 1891. Shell's activities include refining and manufacturing petroleum and petrochemical products, lubricants and greases. Shell in Singapore also undertakes trading and supply of a range of energy products. Shell operates a network of retail sites in Singapore, including charging for electric vehicles; owns and operates ships, tankers and cargo carriers; and acts as an liquified natural gas marketing and trading business. It also has treasury operations and provides pension fund management and pension trustee services for Shell in Asia-Pacific.

Country financial analysis

The statutory corporate income tax rate in Singapore is 17%. Shell in Singapore generates significant revenues but also incurs substantial operational costs. In 2022, profit increased as a result of higher oil and gas prices caused by geopolitical uncertainty and higher demand as economies recovered after the COVID-19 pandemic. Shell's manufacturing and chemical businesses in Singapore continued to make capital investments in 2022. Singapore allows current-year capital allowances on such investments and losses to be offset against the taxable profits of most entities. Corporate income tax accrued in one year is typically paid in the following year. Singapore has granted some Shell companies tax incentives based on their contribution to the local economy, including local employment, support for local suppliers and strategic partnerships with local industry participants.

Read more in Total tax contribution.

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 accrued
This is the amount of corporate income tax for 2022 recorded as current-year tax in Shell’s Consolidated Statement of Income. This also includes withholding tax accrued. It does not include prior-year adjustments, deferred tax or provisions for uncertain tax liabilities.
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Tax incentives
There is no common definition of a tax incentive. Shell defines tax incentives as fiscal measures designed by governments to stimulate investment and encourage growth, or a change of behaviour, by providing more favourable tax treatment to some activities or sectors. Incentives can include accelerated tax relief for capital expenditure on infrastructure, exemptions from certain taxes where government economic targets (for example employment targets) are met, or a favourable tax treatment of costs related to research and development activities for certain technologies.
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