South Korea

Employees

133

Total tax contribution

$13,936,755

Taxes borne

$10,764,741

Taxes collected

$3,172,014

• Third-party revenues

  $264,397,676

• Related-party revenues

  $61,969,005

• Total revenues

  $326,366,681

• Profit before tax

  $13,068,543

• Corporate income tax paid

  $9,852,988

• Corporate income tax accrued

  $7,880,552

• Stated capital

  $20,177,118

• Accumulated earnings

  $58,602,759

• Tangible assets

  $62,498,941

• Other payments to governments

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Shell's footprint

Shell has been active in South Korea since the early 1960s. Shell has various business activities in South Korea, including liquefied natural gas, lubricants and chemicals. We also provide technology licensing services to South Korean refineries and the power sector, and have recently expanded our activities into offshore wind.

Country financial analysis

The statutory corporate income tax rate in South Korea is progressive. The rates are 10% on the first 200 million Korean won (KRW), 20% for a tax base between KRW 200 million and KRW 20 billion, 22% for a tax base between KRW 20 billion and KRW 300 billion, and 25% for a base beyond KRW 300 billion. Shell's profit is made predominantly from the downstream marketing business. The tax reflects the tax payable on the profits. In 2022, revenues rose while profit dropped, because our offshore wind business is still in the development and loss-making stage of its business cycle.