SASKATOON – One of the largest companies in Saskatchewan is in the midst of a multimillion-dollar tax court battle with the Canada Revenue Agency.
Cameco has publicly estimated that it could end up owing as much as $850 million in Canadian corporate taxes for the years 2008 to 2012, if it loses the case.
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The revenue agency contends that the uranium giant set up a subsidiary in Zug, Switzerland, for the purpose of avoiding taxes in Canada.
However Cameco’s chief financial officer, Grant Isaac, disputes that claim. He says there’s a compelling business case for having a marketing arm in Europe, close to customers there.
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