Canada Revenue Agency Appeals Cameco’s Tax Court Win; Process Could Take up to Four Years
Following the September announcement that the Tax Court of Canada ruled in favor of Cameco in its dispute against the Canada Revenue Agency, the CRA has filed an appeal with the Federal Court of Appeal. At the heart of the dispute is Cameco’s use of intercompany purchase agreements with a European subsidiary. The CRA alleged that Cameco used the subsidiary to purposefully evade taxes, using transfer pricing to reduce its tax bill in Canada.CRA had assessed Cameco with roughly CAD 2 billion in u...
Cameco and its subsidiaries are engaged in the exploration for and the development, mining, refining, conversion and fabrication of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. Co. has three reportable segments: uranium, which explores for, mines, mills, purchases, and sells uranium concentrate; fuel services, which refines, converts and fabricates uranium concentrate, and purchases and sells conversion services; and electricity, which generates and sells electricity through its 31.6% interest in the Bruce Power Limited Partnership, which operates four nuclear reactors and manages the overall site in southern Ontario.
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