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Oil giant, Shell Plc has paid $4,480,547,560 in taxes, and royalties to the government.
This is contained in its 2021 Sustainability Report, 2022 Industry Associations Climate Review Update and 2021 Payments to Governments Report published in the week.
A breakdown of the payment shows that $2,885,571,789 came from production entitlements, $511,270,685 from taxes and $573,430,812 from royalties while $510,274,274 from fees.
Shell’s Chief Financial Officer, Sinead Gorman, said: “Our operations generate revenue through taxes and royalties for governments around the world.These taxes and royalties are often used by governments to fund essential public services like education, transport and health care.
“Since 2016 Shell has made mandatory disclosures under the UK’s Reports on Payments to Governments Regulations 2014 (amended December 2015). We have published the revenue that our operations generate through taxes and royalties on a voluntary basis since 2012. We believe that being open about our tax payments helps people to understand how much we pay and why.
“In 2021, Shell paid $58.7 billion to governments. We paid $6 billion in corporate income taxes and $6.6 billion in government royalties. In addition, we collected $46.1 billion in excise duties, sales taxes and similar levies on our fuel and other products on behalf of governments.
“The 2021 Payments to Governments Report details payments in 25 countries where Shell has Upstream operations, including the basis of reporting and a breakdown by country. The report is prepared in accordance with the UK’s Reports on Payments to Governments Regulations 2014 (amended December 2015). This is the seventh report issued by Shell under such regulations.
“Shell publishes its Tax Contribution Report. It outlines our approach to taxes paid and cover 99 countries and locations across all our businesses. For the detailed basis of reporting of these publications we refer to the Payments to Governments Report and the Shell Tax Contribution Report.”
Shell has been reporting on sustainability-related performance for 25 years, with the aim of being transparent about activities that are important to investors, governments, and civil society. The 2021 Shell Sustainability Report outlines the progress towards many of its Powering Progress strategic ambitions, and shares related social, safety and environmental performance data.
