Cameco and the CRA head to court over potential $2.2-billion tax dispute [Financial Post (Toronto, Ontario, Canada)]
Cameco Corporation (CCJ)
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Source: Financial Post
The world’s largest publicly traded uranium company will clash in court this week with the Canadian Revenue Agency over a potential $2.2-billion tax bill.At question is whether Saskatoon-based Cameco Corp. set up a subsidiary in low-tax Switzerland and sold it uranium at a low price simply to avoid tax, as the CRA contends. Cameco maintains it was a legal and sound business practice.For the uranium producer the case presents a serious risk of impact to its bottom line, as the CRA looks to shift an estimated $7.4 billion in foreign earnings between 2003 and 2015 back to Canada.Meanwhile, the government risks losing a significant direct tax windfall and a chance to set an example for the growing number of companies trying to avoid taxes by shifting profits overseas.“There’s so much at stake,” says David Hogan, a cross-border tax specialist at financial consultancy Richter. “They need to have an example of somebody who did something wrong, and that is actually a deterrent for many more t
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CCJ
Earnings
- 2/8/24 - In-Line
CCJ
Sec Filings
- 4/9/24 - Form 6-K
- 4/5/24 - Form 6-K
- 4/5/24 - Form 6-K
- CCJ's page on the SEC website