Postby Oscar » Thu Oct 25, 2018 4:18 pm

Send message today! "CAMECO - PAY YOUR TAXES!!!"

Canadians for Tax Fairness

[ https://www.taxfairness.ca/en/action/ap ... 498085_168 ]

Please take a moment to tell the federal government to appeal a federal Tax Court decision that would let Cameco off the hook for paying $2.2 billion in back taxes to the Canadian government.

This is a very important case that will establish a precedent on corporations use of transfer pricing. If it’s not appealed, it could open the floodgates for other multinational corporations to also avoid paying corporate taxes through similar shams—and the federal government only has until Friday October 26 to give notice that they’ll appeal this misguided decision!

Saskatchewan-based Cameco Corp is the world’s largest publicly traded uranium company. It was formed when two previous publicly-owned crown corporations were privatized 30 years ago. Two decades ago they established a subsidiary in the tax haven of Zug, Switzerland to shift their profits there and avoid Canadian taxes. By selling their uranium at an artificially low price to this Swiss subsidiary, which then resells it at much higher prices, they’ve been able to report no profits in Canada while registering $8.4 billion in profits for their Swiss subsidiary, which then transfers these profits to subsidiaries in other tax havens.

Through this tax scam, they haven’t paid a cent in Canadian corporate taxes in years, while they’ve paid out billions in dividends to shareholders, pay their CEO $6 million annually, and yet just laid off hundreds of workers in Saskatchewan. Meanwhile the federal government is spending $1.3 billion to clean up the radioactive mess left in Port Hope by Eldorado nuclear, one of Cameco’s predecessor companies.

Tax lawyers and corporations are looking at this case intently to see if they can engineer similar deals to also avoid paying taxes. The $2.2 billion in taxes avoided by Cameco work out to about $150 per Canadian household.

Allan Lanthier, former chair of the Canadian Tax Foundation, recently wrote about this case in the Globe and Mail, concluding "So, do large Canadian corporations avoid billions of dollars of taxes each year? You bet they do. And other taxpayers – you and I – have to ante up the shortfall."

Please take a moment to send an urgent message to the federal government to tell them to appeal this misguided decision!
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