Shell leaves the EU and moves its tax domicile to the UK

Updated on December 11, 2021 at 10:10 am

• Energy company Shell is moving its tax domicile from the Netherlands to Great Britain.
• The group intends to be called Shell instead of “Royal Dutch Shell” in the future.
• In May, a court in The Hague committed the energy sector to greater climate protection and more specific climate goals.

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Shareholders of energy giant Shell Voted by an overwhelming majority to move the company’s tax domicile from the Netherlands to the UK. At a general meeting in Rotterdam on Friday, more than 99 percent of shareholders voted in favor of the top management proposal. CEO Andrew Mackenzie thanked shareholders for the “overwhelming support.”

Europe’s largest energy company announced in November that it would move its tax domicile from the Netherlands to Great Britain. The group also wants to get rid of the suffix “Royal Dutch” in its name and will in the future simply be called Shell, instead of “Royal Dutch Shell”.

Happy with the British, Anger with the Dutch

As Mackenzie noted, Shell wants to strengthen the group’s competitiveness with the restructuring and implement a plan to become climate neutral by 2050. According to the company, the tax seat move has nothing to do with the sensational climate decision in the Netherlands. In May, a court in The Hague committed the energy sector to greater climate protection and more specific climate goals.

Shell’s plans had provoked an angry reaction from the Dutch government. Economy Minister Steph Blok said he was “unpleasantly surprised” and regretted the plans. On the other hand, British Economy Minister Kwasi Quarteng praised the plans as a “clear vote of confidence” for the British economy after Brexit.

Late last year, British-Dutch consumer goods giant Unilever announced it would become a fully British company.
© AFP