In that period Shell has invested $50billion in Australia, predominantly in new projects - spending that has supported an average of 21,800 jobs in regional areas.
These projects are the manufacturing facilities of the future, but are not fully operational. Just as a factory only pays tax when it produces goods for sale, Shell’s projects will pay tax when they reach full production and become profitable.
In the meantime Shell’s investments in Australia have contributed to the long run of economic growth that Australia has enjoyed in the face of global downturns - employing thousands of small and medium sized businesses that help the company build projects.
As a business we understand Australians expect us to fully comply with the spirit, intention and letter of Australia’s taxation laws - and we do.
Shell is scheduled to release its voluntary tax transparency code report in coming weeks.
- Quotes can be attributed to Michael Carey, VP Finance, Shell Australia