Saskatoon-based Cameco wins back $300M in court battle with Canada's tax collector
Following a series of court decisions, Cameco says it will be getting a refund worth roughly $300 million from the Canada Revenue Agency (CRA).
The move by CRA comes after the courts ruled "unequivocally in Cameco’s favour for the 2003, 2005 and 2006 tax years," the Saskatoon-based uranium company said in a news release.
The rulings found that the money earned by Cameco's foreign subsidiary from the sale of non-Canadian uranium was not taxable in Canada.
While the uranium firm calls the refund a "positive" development, it says its "broader tax dispute with CRA remains ongoing."
Cameco claims CRA is holding on to $480 million in cash and letters of credit that the company believes it is owed.
The company said the money that it claims is still owed by CRA amounts to "a significant portion of [its] financial capacity."
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