Friday, December 8, 2023

Shell Paid Net UK Taxes for First Time in Years on Windfall Levy

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Shell Plc-rte-company> paid net corporate taxes in the UK in 2022 for the first time in at least four years after the government introduced an oil and gas windfall levy.

From 2018 — when it started publishing these figures — to 2021 Shell received tax credits from the UK’s treasury because of expenses tied to investments in new North Sea fields and rebates related to dismantling old platforms.

Last year, the company paid $40.5 million in tax from a UK profit of $1.81 billion, according to its annual tax-contribution report. Without the government’s new Energy Profits Levy, Shell said …

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