Venezuela

22 Employees

THIRD-PARTY REVENUES

$1,025,291

RELATED-PARTY REVENUES

$0

TOTAL REVENUES

$1,025,291

PROFIT BEFORE TAX

$(16,412,696)

TAX PAID

$516,965

TAX ACCRUED

$605,765

TANGIBLE ASSETS

$1,227,674

STATED CAPITAL

$823,525,356

ACCUMULATED EARNINGS

$(886,033,572)

Main Business Activities

  • Upstream and Integrated Gas
  • Other support activities

Shell has been present in Venezuela for 107 years and used to have upstream and downstream activities. In 2018, Shell divested its interest in the Petroregional del Lago non-operated venture and in 2019 sold its lubricants business. Shell has an interest in several gas projects in the north-east of the country and the Dragon offshore field.

Country Financial Analysis

The statutory corporate income tax rate for all activities in Venezuela is progressive, starting at 15% and reaching 34%.

Shell companies in Venezuela recorded tax losses during 2019 because of reduced operational revenues. The main income in 2019 was related to the sale of the lubricants plant. The figure shown under tax paid relates to on support services, not corporate income tax.

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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