Monday, March 2nd5.3°C
25327

Tax group puts up billboard that asks Cameco to pay millions in taxes

SASKATOON - The group behind a billboard in Saskatoon targetting a major Canadian exporter says it hopes the sign gets results.

The sign asks Cameco to "pay up" and says the company owes hundreds of millions in taxes to Canadians.

Don Kossick of Saskatchewan Citizens for Tax Fairness says they went with a billboard in the hopes it will influence Cameco to not use offshore havens for its money.

Cameco (TSX:CCO) is in a dispute with the Canada Revenue Agency over hundreds of millions of dollars of corporate taxes.

The agency alleges a 17-year contract Cameco signed in 1999 with a subsidiary it set up in Switzerland was a tax dodge and the company owes up to $850 million in corporate taxes.

Cameco wouldn't comment on the billboard, but Rob Gereghty, manager of media relations, said in an email that "Cameco has always, and continues to pay all taxes due under the laws of Canada and other jurisdictions where we conduct business."

At issue is a deal Cameco made in 1999 to sell uranium to its wholly-owned Swiss subsidiary, Cameco Europe Ltd. Uranium prices were much lower at that time.

The allegation is that Cameco Europe then sold the uranium for more and recorded the profits in Switzerland, where the taxes are lower.

Cameco said it set up the offshore marketing subsidiary because most of its customers are located outside Canada.

However, most of its mines are in northern Saskatchewan. The province is one of the world's largest uranium producers.

The case is expected to go to trial next fall, with a court decision expected in 2015.

"We wanted people to know that when companies don't pay their fair share of taxes, it means others have to pay more and that we don't have the revenue necessary to invest in education, health care, infrastructure and so on," said Dennis Howlett, executive director of Canadian for Tax Fairness.

(CKOM)

The Canadian Press


Read more Business News

25103


Recent Trending




Today's Market
S&P TSX15248.99+14.65
S&P CDNX703.34-3.39
DJIA18257.54+124.84
Nasdaq5001.301+37.773
S&P 5002114.96+10.46
CDN Dollar0.7977-0.0019
Gold1204.90-7.70
Oil51.60-0.54
Lumber297.70+0.50
Natural Gas2.703-0.031

 
Okanagan Companies
Pacific Safety0.135+0.015
Knighthawk0.010.00
QHR Technologies Inc1.60+0.05
Cantex0.035-0.005
Anavex Life Sciences0.190.00
Metalex Ventures0.045+0.01
Russel Metals25.47+0.09
Copper Mountain Mining1.28-0.02
Colorado Resources0.135-0.015
ReliaBrand Inc0.008-0.0007
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.225-0.01

 



25103

FEATURED Property
19704293626 Mission Springs Drive #31
3 bedrooms 3 baths
$364,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Refinance your mortgage?

Canadian Mortgage rates are low and could be dropping down in time for the spring market following a drop in the Bank of Canada Rate on January 21 by 1/4% which will save new buyers and those with mo...


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...

_








Member of BC Press Council


24681