Uranium giant Cameco could owe the province over $300 million in taxes alone over a tax avoidance scheme involving a Swiss subsidiary
Canada Revenue Agency wants to take the uranium mining giant Cameco to the Supreme Court for dodging over $2 billion in taxes — and the outcome will have major implications for Saskatchewan’s finances.Canada’s tax collectors have been pursuing Cameco in court for years, but thanks to legal loopholes, the Saskatoon-based uranium company has been already been let off the hook twice.
CRA is now bringing the case before the Supreme Court, asking Canada’s top court to hear the case on the basis that Cameco’s “billions” in profits hoarded offshore are of “public importance” to Canadians.
The stakes are also high for Saskatchewan.Toby Sanger, the Executive Director of Canadians for Tax Fairness, said Cameco’s transfer pricing and profit shifting means the province has lost hundreds of millions of dollars in revenue […]
November 26, 2020 (updated November 26, 2020) Published by StockMan