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Agreement reached to hand back related CAD 300 million
Cameco’s corporate headquarters in Saskatoon, Canada.
Uranium miner Cameco is urging the Canada Revenue Agency to return CAD480m ($352m, €324m) in withheld tax after an agreement to return a related CAD300m.
Cameco said on Monday (27 March) that past court rulings require the CRA to refund all CAD780m the company has been seeking in a dispute over its transfer pricing transactions for the 2007-2013 tax years.
Cameco said a series of court decisions that were “completely and unequivocally” in Cameco’s favour for the 2003, 2005 and 2006 tax years determined that the income earned by Cameco’s foreign subsidiary from the sale of non-Canadian produced uranium was not taxable in Canada.
Cameco said on Monday (27 March) that past court rulings require the CRA to refund all CAD780m the company has been seeking in a dispute over its transfer pricing transactions for the 2007-2013 tax years.
Cameco said a series of court decisions that were “completely and unequivocally” in Cameco’s favour for the 2003, 2005 and 2006 tax years determined that the income earned by Cameco’s foreign subsidiary from the sale of non-Canadian produced uranium was not taxable in Canada.
Cameco said the CRA had issued revised reassessments for the 2007 to 2013 tax years that will result in it being refunded CAD300m, consisting of CAD89m in cash and CAD211m in letters of credit.
- Source: Nucnet
- Date: Wednesday, 29 March 2023
- Original article: nucnet.org/news/uranium-company-urges-canada-to-return-full-cad-780-million-in-tax-dispute-3-2-2023
The Canada Revenue Agency (CRA) has issued revised reassessments that will result in the Canadian company being refunded a total of some CAD300 million (USD219 million) - CAD89 million in cash and CAD211 million in letters of credit - but the company's broader tax dispute with the CRA continues.
- Source: World Nuclear News
- Date: Tuesday, 28 March 2023
- Original article: world-nuclear-news.org/Articles/Cameco-to-receive-CAD300-million-tax-refund
Tim Gitzel said the case had gone on ‘far too long’. Courtesy Cameco.
Cameco expects to receive a refund of CAD5.5m ($4.3m) plus interest after the Supreme Court of Canada dismissed the Canada Revenue Agency’s application for leave to appeal a lower court decision that ruled in favour of Cameco in an ongoing tax dispute.
The dismissal means that a dispute regarding the 2003, 2005 and 2006 tax years is “fully and finally resolved in Cameco’s favour”, the company said.
Cameco also expects to receive CAD10.25m in legal fees and up to CAD17.9m in disbursements for costs awarded in previous rulings.
The dismissal means that a dispute regarding the 2003, 2005 and 2006 tax years is “fully and finally resolved in Cameco’s favour”, the company said.
Cameco also expects to receive CAD10.25m in legal fees and up to CAD17.9m in disbursements for costs awarded in previous rulings.
Cameco president and chief executive officer Tim Gitzel said the ruling was another win for the uranium mining company in a saga that “has gone on far too long.”
- Source: Nucnet
- Date: Saturday, 20 February 2021
- Original article: nucnet.org/news/tax-dispute-resolved-fully-and-finally-in-company-s-favour-2-5-2021