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Shell Throws a Tantrum Over $99 Million Tax Bill
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News and information on Shell Plc
In a classic display of corporate audacity, Shell is throwing a fit and suing the Australian Tax Office (ATO) over a claim that it owes a measly $99 million in unpaid taxes. This dispute stems from Shell’s $3.5 billion exit from Woodside Petroleum back in 2017. Because when you’re a multibillion-dollar oil giant, every penny counts, right?
The ATO has the audacity to argue that Shell understated its capital gains by a whopping $193.9 million for the 2017 sale and an additional $135.7 million for a 2014 sale. But Shell, with its pristine track record of environmental and financial responsibility (cue laughter), insists it has complied with all tax obligations. They even claim to have a “cooperative relationship” with the ATO. Cooperative, as in, “We cooperate by trying to pay as little tax as possible.”
This legal tiff comes after Shell finally managed to offload its 13.3% stake in Woodside, netting a cool $3.5 billion. The ATO’s commissioner of taxation, however, decided in February that Shell had conveniently underestimated its profits from this sell-off. Hence, the $99 million tax bill, which is apparently a big deal for a company that reported a profit of $US632.7 million ($949.5 million) in 2023.
And let’s not forget the golden years of 2022, when Shell’s Australian operations basked in profits of $US2.7 billion ($4.05 billion). In a true act of corporate generosity, Shell paid $US37 million ($55.5 million) in tax last year. For those keeping track, that’s just a tiny fraction of their hefty earnings. But hey, who’s counting?
The showdown is set for a case management hearing on July 29. In the meantime, Shell can continue to revel in its cooperative relationship with tax authorities worldwide, while the rest of us mortals cough up our fair share.
So, as Shell gears up for its court date, one can’t help but marvel at the sheer nerve. Here’s hoping the ATO gives them the tax bill they deserve. After all, it’s about time the corporate giant learns that they can’t have their cake and eat it too.
Posted in: Australia, Big Oil, Business ethics, Business Principles, GoogleNews, John Donovan, Litigation, Oil, Rossport Five, Royal Dutch Shell Plc, Shell PLC, Shell Tax Avoidance, Sin Stocks.
Tagged: Australia · John Donovan · Litigation · Oil · Royal Dutch Shell Plc · Shell
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The worst ever
I used shell broadband. It was by far the worst broadband provider ever! The internet did not work most days. I had their super fast broadband and it dropped out constantly. Watching a movie was awful with the constant buffering. Customer support was super slow. Now their going to charge me for the useless router which I have sent back.
Date of experience: 21 November 2023
The worst ever
I used shell broadband. It was by far the worst broadband provider ever! The internet did not work most days. I had their super fast broadband and it dropped out constantly. Watching a movie was awful with the constant buffering. Customer support was super slow. Now their going to charge me for the useless router which I have sent back.
Date of experience: 21 November 2023
Broadband Service is Appalling
I ordered shell energy broadband on nov 2. I was promised connection the following week. They initiated the direct debit. I called the following week and was told router would arrive on 13 and service would go live on 17. No further email or communication until 20 when I was told service would start on 30th. Spent 10 minutes waiting on phone line and spoke to a polite assistant who was absolutely useless in solving my problem. Avoid this unprofessional and chaotic… Read more
30 November 2023: Posted by John Donovan
The content below is sourced from current verifiable customer reviews of Shell Energy published on Trustpilot.
Extremely slow broadband for 10 months, not fixed. I have had slow broadband well below the guaranteed speed for 10 months and Shell Energy have not been able to fix it. They have tried sending about 4 or 5 engineers but have not fixed the problem. Gurps, who I have been dealing with most recently, has been friendly and polite, alth… Read more
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