Cameco (CCJ) shares were up almost 8% pre-market Thursday after the company said late Wednesday that the Canadian tax court has ruled unequivocally in its favor in a dispute of the reassessments issued by Canada Revenue Agency for 2003, 2005 and 2006 tax years.
The court has ruled that the company’s marketing and trading structure involving foreign subsidiaries and the related transfer pricing methodology used for certain intercompany uranium sale and purchase agreements comply with Canadian laws for the tax years mentioned.
The company said that the court has referred the matter back to the Minister of National Revenue in order to release new reassessments for the said tax years in accordance with the court’s decision. It also added that the court’s decision is not legally binding for other tax years in dispute but that there is nothing in the decision that would necessitate a different outcome for the other tax years in question.
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