Cameco is alleged to have set up a Swiss subsidiary to evade hundreds of millions in provincial and federal taxes, and mum’s the word from the Saskatchewan government? Murray Mandryk takes on Wall’s silence in a column published by The StarPhoenix on September 24, 2013.
“[Wall’s] government’s stony silence on uranium giant Cameco ducking payment of some provincial taxes is more than just a little puzzling.
“For those who might have missed it, Cameco is battling it out in tax court with the Canada Revenue Agency over $800 million to $850 million in corporate taxes the CRA says went unpaid between 2008 to 2012.
“Saskatchewan’s share would be $300 million to $350 million, no chump change for a government that occasionally struggled to balance its budget during that period. After all, Wall et al blew up the Saskatchewan Film Tax Credit because the paltry few million a year forgone to the tax credit (notwithstanding the economic activity it created) was considered a waste. Yet the government can afford to forgo $60 million to $70 million in corporate taxes that Cameco may be avoiding annually through its Swiss tax haven?
“According to the CRA, Cameco set up a subsidiary in Zug, which is not exactly known as a uranium-producing powerhouse, for the sole purpose of avoiding payment of taxes in Canada.”