Shell to pay US$2 billion tax in EU and UK | Economy

This is in response to changes introduced to the tax windfall profits that oil and gas companies have created due to high global commodity prices.

oil company Shell reported Friday that it will pay around 2,000 million dollars (about 1,900 million euros) in extraordinary taxes in the European Union (EU) and the UK, in accordance with 2022.

This is in response to changes introduced in the EU and UK from September to tax windfall benefits that oil and gas companies derive from high prices raw materials globally.

This $2 billion will be added to the $360 million in contingent tax fees the company has disclosed to investors, he said.

With this decision, the oil company will pay tax in the UK for the first time in five years. In recent years, the company has received tax breaks for investments made in the North Sea.

Shell, which will release its annual results next month, also reported that trade in its chemicals business is expected to be “significantly lower” in the final quarter of 2022 compared to the previous quarter.

He added that liquefied natural gas (LNG) production during the quarter was impacted by massive outages at two plants in Australia.

Roderick Gilbert

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