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Reuters reported that Silver Wheaton (TSX:SLW) had received a proposal from Canada Revenue Agency (CRA) to reassess the company’s income tax. As quoted in the publication: The CRA is seeking to tax streaming income earned by the company’s foreign units and said that Silver Wheaton’s taxable income should be increased by about C$715 million (about …
Reuters reported that Silver Wheaton (TSX:SLW) had received a proposal from Canada Revenue Agency (CRA) to reassess the company’s income tax.
As quoted in the publication:
The CRA is seeking to tax streaming income earned by the company’s foreign units and said that Silver Wheaton’s taxable income should be increased by about C$715 million (about $565 million) for the years 2005 to 2010.
“Generally a company is taxable in Canada on its income earned in Canada, while non-Canadian income earned by foreign subsidiaries is not subject to Canadian income tax,” Chief Executive Randy Smallwood said in a statement.
Silver Wheaton, which makes upfront payments for the rights to buy future precious metal production, said it is not required to make any payment to the CRA at this time and that it intends to vigorously defend its tax filing positions.