SASKATOON -- Cameco says the Supreme Court of Canada has dismissed Canada Revenue Agency’s (CRA) latest appeal in a longstanding tax dispute.
“This entire saga has gone on far too long,” Cameco president and CEO Tim Gitzel said in a news release.
“We will be asking CRA to accept the clear and decisive rulings the courts have delivered and apply them to subsequent tax years so that we can focus on managing our business for the benefit of all our stakeholders. If CRA feels the laws aren’t written the way they want, it’s clear they need to make the case to government to change those laws moving forward rather than unfairly dragging Canadian businesses through long and costly legal processes.”
The case centres around Cameco's use of a subsidiary in Switzerland to sell and trade its uranium. The CRA argued this subsidiary was established to avoid Canadian taxes, while Cameco has maintained it was for legal and sound business practices.
The CRA had sought a ruling from the Supreme Court of Canada, appealing the June 26 decision of the Federal Court of Appeal which sided with Cameco in its dispute of reassessments issued by the CRA for the 2003, 2005 and 2006 tax years.
“We are pleased that the Supreme Court of Canada has rejected CRA’s appeal request. It’s another win for Cameco in this long-running tax dispute,” Gitzel said in the release.
“We have consistently followed the rules and complied with both the letter and intent of the law. This was confirmed unequivocally through the court process, and we are happy to have these three tax years concluded in our favour.”
With Canadian Press files
