Uranium company Cameco in trouble with Canada’s tax department
Cameco provides update on tax case NewsTalk 650 CKOM Uranium miner out $103 million as it waits to go to court by Bryn Levy Apr 10, 2014 Cameco’s dispute with the Canada Revenue Agency (CRA) is a long way from settled. but it’s already starting to cost the company real cash.
The CRA has accused Cameco of dodging as much as $850 million in taxes through a deal with a Swiss subsidiary. Cameco argues the deal was an above-board way to lower its tax hit. The CRA contends the agreement violated rules requiring Canadian firms to treat subsidiaries the same as third parties.
As the agency re-assesses Cameco’s tax bill for each year between 2003 and 2013, the law requires the company to pay half of any disputed amounts up front.
With two years’ worth of re-assessments submitted so far, Chief Financial officer Grant Isaac detailed the bill:
“To date we’ve paid a net amount of $103 million to the CRA,” he said, speaking on a conference call about the company’s fourth-quarter results……http://ckom.com/story/cameco-provides-update-tax-case/250705
No comments yet.
1 This month
of the week – Disrupting War & Militarism in Oceania. Active solidarity. Radical practice.
Antinuclear 
Leave a comment