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

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

Companies in this story: (TSX:CCO)

The Canadian Press

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