- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
PotashCorp Not Pleased with Saskatchewan’s Taxation Changes
Potash Corporation of Saskatchewan Inc. (TSX:POT,NYSE:POT) commented on the changes the Saskatchewan government has made to potash taxation, noting that they will likely decrease its 2015 pre-tax earnings by C$75 to $100 million.
Potash Corporation of Saskatchewan Inc. (TSX:POT,NYSE:POT) commented on the changes the Saskatchewan government has made to potash taxation, noting that they will likely decrease its 2015 pre-tax earnings by C$75 to $100 million.
As quoted in the press release:
The impact reflects a significant change in the timing of the annual allowable deduction for expansion and maintenance capital expenditures and is most pronounced in 2015 – and to a lesser extent 2016 – as we wind down our capital expansion projects and incur higher maintenance capital spending as a result of these expansions. A potash taxation review was also announced as part of the budget release.
Jochen Tilk, president and CEO of PotashCorp, commented:
PotashCorp is disappointed in the announcement today. While we understand the difficult revenue situation facing the Government, we are nearing completion of a $6 billion investment in Saskatchewan which was based on the existing tax structure remaining in place. Changing the rules midstream impacts the ability of our shareholders to earn a fair return on their capital and undermines Saskatchewan’s relative competitiveness.
A stable, predictable and fair potash taxation system is important for both the province and the industry. Under the current regime, PotashCorp’s operations and investments have created thousands of jobs and continue to support numerous suppliers throughout the province. We are focused on ensuring that any changes to the existing system continue providing benefits to the people of Saskatchewan, while also protecting the competitiveness of the industry and the long-term interests of our investors, employees and customers. A constructive and consultative review process is an important part of ensuring such an outcome, and it is our hope that the Government will pursue this avenue.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.