Singapore

Employees

3,464

Total tax contribution

$346,029,032

Taxes borne

$40,491,901

Taxes collected

$305,537,132

• Third-party revenues

  $53,671,634,035

• Related-party revenues

  $84,877,027,114

• Total revenues

  $138,548,661,149

• Profit before tax

  $6,483,793,659

• Corporate income tax paid

  $26,568,906

• Corporate income tax accrued

  $93,207,280

• Stated capital

  $11,025,114,453

• Accumulated earnings

  $4,759,763,105

• Tangible assets

  $11,390,285,138

• 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.