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HomeLatest NewsShell will pay $2 billion in taxes in the EU and UK

Shell will pay $2 billion in taxes in the EU and UK

Date: January 28, 2023 Time: 00:58:37

With the start of the new year, the campaigns begin to break down their annual numbers. The oil tax Shell reported this Friday that it will pay about 2,000 million dollars, which means about 1,900 million euros at the current change in extraordinary in the European Union (EU) and the United Kingdom, corresponding to the year 2022.

This is in response to changes introduced in the EU and UK since September to tax windfall profits that oil and gas companies have made from high global commodity prices. This $2 billion would be added to the $360 million in unexpected tax charges the company had already 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 had received tax rebates 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 have been “significantly lower” in the last quarter of 2022 compared to the previous quarter. It added that its liquefied natural gas (LNG) production during the quarter was affected by major outages at two plants in Australia.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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