Royal Dutch Shell Group .com http://royaldutchshellgroup.com News and information on Royal Dutch Shell Group Mon, 18 Jun 2018 19:48:43 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.6 https://i2.wp.com/royaldutchshellgroup.com/wp-content/uploads/2016/09/cropped-Screen-Shot-2016-09-09-at-20.58.10-e1474903354499.jpg?fit=32%2C32 Royal Dutch Shell Group .com http://royaldutchshellgroup.com 32 32 68478824 Shell hits back at criticism of tax structure http://royaldutchshellgroup.com/2018/06/18/shell-hits-back-at-criticism-of-tax-structure/ http://royaldutchshellgroup.com/2018/06/18/shell-hits-back-at-criticism-of-tax-structure/#respond Mon, 18 Jun 2018 19:48:43 +0000 http://royaldutchshellgroup.com/?p=98665 Shell hits back at criticism of tax structure was first posted on June 18, 2018 at 8:48 pm.
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Shell hits back at criticism of tax structure

Reports allege oil group’s plan has cost Dutch treasury as much as £6.1bn in lost income

Shell has hit back at criticism of a tax structure it set up as part of a relocation of its headquarters from London to The Hague following reports that it has cost the Dutch treasury as much as €7bn (£6.1bn) in lost income. Calls have been made for the European commission to investigate the oil group’s tax affairs after reports claimed that a multibillion-euro bill has been avoided through the use of an offshore trust in Jersey since 2005. FULL ARTICLE


Shell hits back at criticism of tax structure was first posted on June 18, 2018 at 8:48 pm.
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Shell Disputes EUR7 Billion Lost Tax Claim – Guardian http://royaldutchshellgroup.com/2018/06/18/shell-disputes-eur7-billion-lost-tax-claim-guardian/ http://royaldutchshellgroup.com/2018/06/18/shell-disputes-eur7-billion-lost-tax-claim-guardian/#respond Mon, 18 Jun 2018 19:41:54 +0000 http://royaldutchshellgroup.com/?p=98661 Shell Disputes EUR7 Billion Lost Tax Claim – Guardian was first posted on June 18, 2018 at 8:41 pm.
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Shell Disputes EUR7 Billion Lost Tax Claim – Guardian

LONDON (Alliance News) – Royal Dutch Shell PLC has “hit back” against claims regarding its relocation from London to the Netherlands, which resulted in a EUR7 billion loss of income to the Dutch treasury, the Guardian reported on Monday.

Dutch newspaper Trouw claimed that the British-Dutch multinational oil & gas company’s Dutch tax authority agreement conflicted with EU rules and that Shell owes “as much as EUR7 billion” in taxes.

“I am astonished about the way we are portrayed in Trouw. This is tendentious. The fact that our headquarters is in the Netherlands has been very good for the Dutch treasury,” Shell Nederland President Director Marjan van Loon said in a statement.

The Netherlands has a dividend withholding tax and Shell created an A/B share structure when it relocated to “protect its UK based shareholders” according to the Guardian.

As part of Shell’s headquarter merger in the Netherlands Dutch tax authorities exempted the UK based B shares from paying the withholding tax on dividends if payments were routed through Jersey.

“No tax is levied on dividends from B shares, provided that they are paid via the so-called dividend access mechanism,” the company said in a statement.

“The right to levy dividend withholding tax on dividends paid to shareholders in the former British parent company has never existed in the Netherlands,” it continued.

A Dutch MP told Trouw he would refer the case to Brussels.

https://www.theguardian.com/business/2018/jun/18/shell-hits-back-at-criticism-of-tax-structure

By Anna Farley; annafarley@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.


Shell Disputes EUR7 Billion Lost Tax Claim – Guardian was first posted on June 18, 2018 at 8:41 pm.
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DUTCH GOV’T UNDER FIRE OVER TAX DEAL WITH SHELL http://royaldutchshellgroup.com/2018/06/18/dutch-govt-under-fire-over-tax-deal-with-shell/ http://royaldutchshellgroup.com/2018/06/18/dutch-govt-under-fire-over-tax-deal-with-shell/#respond Mon, 18 Jun 2018 17:06:36 +0000 http://royaldutchshellgroup.com/?p=98653 DUTCH GOV’T UNDER FIRE OVER TAX DEAL WITH SHELL was first posted on June 18, 2018 at 6:06 pm.
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By Janene Pieters on June 18, 2018 

The Tweede Kamer, the lower house of Dutch parliament, wants the government to explain a controversial deal that Shell made with the Dutch tax authorities in 2005. As a result of this deal, Shell’s British shareholders are exempt from dividend tax in the Netherlands, through which the Dutch treasury lost out on over 7 billion euros, newspaper Trouw reported on Saturday.

The Kamer now wants to know whether this tax deal is allowed under Dutch law, and whether any politicians were involved in making it, according to newspaper AD. SP leader Lilian Marijnissen called it a “stinky” deal. GroenLinks wants a parliamentary inquiry into dividend tax. And the four coalition parties – VVD, CDA, D66 and ChristenUnie – jointly submitted questions to State Secretary Menno Snel of Finance. 

The revelation of this tax deal comes at a bad time for the Rutte III government, as the government is already facing scrutiny over its – the tax companies and their shareholders pay on profits. The decision to scrap dividend tax was made during the government formation process. None of the coalition parties had this measure in their election programs. According to AD, it later turned out that the measure was brought to the negotiation table by, among others, Unilver and Shell – one of the largest supporters of abolishing dividend tax. This abolishment will cost 4 billion euros.

An interesting detail is that Gerrit Zalm acted as mediator for the government formation talks when dividend tax was discussed, according to AD. He’s been on Shell’s supervisory board since 2013. Between 2003 and 2007 Zalm was Minister of Finance in the Balkenende II government. The deal with Shell was thus made when he was Minister. In 2006 his State Secretary, Joop Wijn (CDA), reduced dividend tax from 25 percent to 15 percent.

The tax deal with Shell was made in 2005 when the British and Dutch branches merged into Royal Dutch Shell, and the Netherlands was chosen for the company’s head office. Great Britain does not have dividend tax. Thanks to the deal, British shareholders remained exempt from this tax after the merger.

According to Shell’s CEO Marjan van Loon, the tax deal is “fully in line with laws and regulations in the Netherlands”. Without the deal, Shell shareholders may not have chosen to base the company’s head office in The Hague, the CEO said, according to AD.

SOURCE


DUTCH GOV’T UNDER FIRE OVER TAX DEAL WITH SHELL was first posted on June 18, 2018 at 6:06 pm.
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Shell May Be Rediscovering Its Swagger in Texas Shale Oil Country http://royaldutchshellgroup.com/2018/06/18/shell-may-be-rediscovering-its-swagger-in-texas-shale-oil-country/ http://royaldutchshellgroup.com/2018/06/18/shell-may-be-rediscovering-its-swagger-in-texas-shale-oil-country/#respond Mon, 18 Jun 2018 15:57:29 +0000 http://royaldutchshellgroup.com/?p=98648 Shell May Be Rediscovering Its Swagger in Texas Shale Oil Country was first posted on June 18, 2018 at 4:57 pm.
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By Kelly Gilblom: 18 June 2018, 05:00 BST

Shale oil hasn’t always been Royal Dutch Shell Plc’s best friend, but they’re working on the relationship.

Shell is said to have bid, with partner Blackstone Group LP, on a portfolio of U.S. shale assets BHP Billiton Ltd. wants to sell for about $10 billion. If it wins, the Anglo-Dutch oil major could exceed its goal of doubling its American onshore output, according to JPMorgan Chase & Co.

That would boost the unit’s free cash flow — currently on track to grow by $2 billion by 2025 — and turn around a shale portfolio that is currently “mid-lower ranked,” analysts from the bank including Christyan Malek said in a report.

At the heart of Shell’s shale problem has been the lack of a coherent strategy, according to the report. It has irregularly acquired various bits of U.S. acreage, including a large stake in the low-cost and highly desirable Permian.

In the Permian’s Delaware basin Shell was pumping fewer than 100,000 barrels a day per 1,000 feet (300 meters) of well length in the first 30 days of production — about 20 percent lower than the industry average at the time. In contrast, shale specialist EOG Resources Inc.’s wells in the same area were about 50 percent more productive.

Shell declined to comment.

The company, with partner Anadarko Petroleum Corp., has started improving productivity by drilling longer wells and implementing a technology program called iShale, which has reduced costs by 60 percent since 2015. BHP’s Permian portfolio, which overlaps Shell’s current acreage, could solidify those gains and allow it to take advantage of existing infrastructure, said Malek.

JPMorgan estimates Shell’s overall shale production would rise to 630,000 barrels of oil equivalent a day by 2020 if it acquires the BHP assets, from 270,000 now. It could emerge into an “upper-quartile” operator in the area, the bank said.

SOURCE


Shell May Be Rediscovering Its Swagger in Texas Shale Oil Country was first posted on June 18, 2018 at 4:57 pm.
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Dutch ecologist party asks for investigation of Shell dividend tax payment http://royaldutchshellgroup.com/2018/06/17/dutch-ecologist-party-asks-for-investigation-of-shell-dividend-tax-payment/ http://royaldutchshellgroup.com/2018/06/17/dutch-ecologist-party-asks-for-investigation-of-shell-dividend-tax-payment/#respond Sun, 17 Jun 2018 19:53:02 +0000 http://royaldutchshellgroup.com/?p=98641 Dutch ecologist party asks for investigation of Shell dividend tax payment was first posted on June 17, 2018 at 8:53 pm.
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Dutch ecologist party asks for investigation of Shell dividend tax payment

Sat 16 June 2018

The Dutch ecologist party, Groen Links, has asked parliament this Saturday to appoint a commission to investigate payment of taxes on dividends by multinational oil company Shell. According to newspaper Trouw, company has since 2005 avoiding this rate “with permission of Dutch Treasury, through Jersey, island of channel of La Mancha [a dependence British Crown]”. During those years, “Shell has distributed among its shareholders about 45 billion euros, of which 7 billion should have been entered in coffers of state.” Shell claims that it has not violated tax rules.

In a statement posted on its website, Marjan van Loon, president and director of Shell in Netherlands, describes rotational information as biased. “I’m astonished,” he says. “The fact that our headquarters is in Nerlands and we have two types of actions is very profitable for Treasury (…) The Dutch dividend tax, paid by beneficiary, does not exist in United Kingdom. When both branches of company, British and Dutch merged, a legal formula was sought to prevent British shareholders from being obliged to pay rates in force under Dutch law (…) We have always been transparent in our annual report, “he adds in note.

This Saturday, Jesse Klaver, leader of Groen Links has qualified tax agreement that differentiates Shell shareholders from “political cronyism.” “It gives impression that tax authority is collaborating to facilitate a corporate merger. It’s unheard of, “he said. He hopes to declare before investigating commission “all state secretaries of finance named since 2005, and all those responsible for Shell”. The fact that this type of investigation ends up being held behind closed doors does not concern him. “We talk about political responsibility,” he says. The Democrat Party and Christen Unie, a Protestant group, members of current center-right coalition, have asked Ministry of Finance to clarify tax-sanctioned agreements over past 15 years. They want to know if y suited to rules.

The oil company was born in 1907 from alliance between British Shell Transport Trading and Dutch Royal Dutch Petroleum. It happened to be called Royal Dutch Shell after merger of 2005. Van Loon alludes in his note to two groups of shareholders: A, Dutch, and B, British. The multinational is one of main defenders of abolition of tax on dividends, fixed today by 15%. This payment has been debated in Dutch parliament repeatedly, and last April, Mark Rutte, Liberal prime minister, was in a hurry to overcome a motion of censure promoted by this reason. With 67 votes in favor and 76 against, Rutte was accused of not having properly informed House about government’s alleged plans, allegedly analysed with business world, and aimed at suppressing tax.

SOURCE Turkey Telegraph – Breaking News & Headlines from TURKEY


Dutch ecologist party asks for investigation of Shell dividend tax payment was first posted on June 17, 2018 at 8:53 pm.
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