Furthermore, Cameco believed the ruling could indicate that the other tax years in dispute will ultimately receive the same outcome. The firm also plans to apply for the recovery of the costs incurred during the litigation process.
“We hope CRA accepts the decision and applies it to other tax years in dispute,” Gitzel said, Reuters reports.
The ruling covers tax years where about $11 million in taxes was at stake. Any additional implications for subsequent years include some $2 billion in taxes plus interest and penalties are in question, Gitzel added.
Cameco shares surged 15.5% Thursday on the ruling. CCJ makes up 17.5% of URA’s underlying holdings.
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