CAMECO WINS - Tax Court favouring Cameco!!!

CAMECO WINS - Tax Court favouring Cameco!!!

Postby Oscar » Fri Oct 26, 2018 1:43 pm

Cameco says Canada Revenue Agency appealing Tax Court ruling in company’s favour

[ https://www.reddeeradvocate.com/busines ... ys-favour/ ]

THE CANADIAN PRESS Oct. 26, 2018 7:31 a.m.

SASKATOON — Cameco Corp. says the Canada Revenue Agency is appealing a Tax Court decision that was in the company’s favour.

The Saskatoon-based uranium miner estimates it will take about two years for the Federal Court of Appeal to hear and decide the case.

Last month, Cameco says the Tax Court ruled its favour in the case which centred around its use of a subsidiary in Switzerland to sell and trade its uranium.

The CRA contended it was a sham established to avoid Canadian taxes, while Cameco maintained it was for legal and sound business practices.

Despite the CRA appeal, Cameco says it will be making an application to the court to recover costs incurred over the course of this case.

Cameco noted that decisions of the Federal Court of Appeal may be appealed to the Supreme Court of Canada, if the top court agrees to hear the appeal.
Oscar
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Re: CRA/CAMECO: appealing Tax Court favouring Cameco

Postby Oscar » Sun Jun 28, 2020 7:42 am

Federal Court of Appeal has upheld Tax Court ruling in favour of Cameco

[ https://www.cbc.ca/news/canada/saskatoo ... -1.5630235 ]

Case centred around Cameco's use of a subsidiary in Switzerland to sell and trade its uranium

The Canadian Press · Posted: Jun 27, 2020 3:34 PM CT | Last Updated: June 27

Cameco Corp. says the Federal Court of Appeal has upheld a 2018 decision of the Tax Court of Canada that was in the company's favour.

The 2018 decision, which centred around its use of a subsidiary in Switzerland to sell and trade its uranium, was appealed by the Canada Revenue Agency.

The agency contended it was a sham established to avoid Canadian taxes, while Cameco maintained it was for legal and sound business practices.

The Saskatoon-based uranium miner said it is very pleased that the Court of Appeal unanimously upheld the Tax Court's ruling.

Cameco temporarily shut down production at its Cigar Lake uranium mine's uranium mine earlier this year because of COVID-19. (Liam Richards/The Canadian Press)

The ruling covers Cameco's 2003, 2005 and 2006 tax years.

Canada Revenue Agency officials could not immediately be reached for comment.

"Four judges have now found that Cameco complied with both the letter and intent of the law," Cameco president and CEO Tim Gitzel said in a news release.

"We followed the rules, yet this 12-year dispute has caused significant uncertainty for our company and our stakeholders at a time when we have been navigating through some of the most challenging global market and economic conditions we have ever faced."

- Cameco reimbursed $10M in legal costs after tax court battle
- Cameco awarded $40M US in damages in dispute with Japanese power company
- CRA appeals $2.2B tax bill dispute decision that ruled in favour of uranium giant Cameco

Cameco noted that a subsequent decision by the Tax Court in April 2019 resulted in the company being awarded $10.25 million in legal fees and up to $17.9 million in disbursements for costs incurred as a result of its dispute with the agency.

The CRA has until Sept. 25, 2020, to seek leave to appeal the decision of the Court of Appeal to the Supreme Court of Canada.

However, proposed legislation related to COVID-19 pandemic measures is presently under consideration that would extend the
deadline to Nov. 12, 2020.

The Court of Appeal ruling is not legally binding on the subsequent tax years (2007-13) that are also in dispute.
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