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« We Have Some Bad News | Main | These Are Perilous Times And A Great Shock Is Coming »
Wednesday
Sep302015

SILVER WHEATON RECEIVES CRA NOTICES OF REASSESSMENT CONSISTENT WITH PROPOSAL

VANCOUVER, Sept. 24, 2015 /CNW/ - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX:SLW) (NYSE:SLW) announces that it has received notices of reassessment from the Canada Revenue Agency (the "CRA") relating to the Company's 2005 to 2010 taxation years (the "Relevant Taxation Years").

The notices of reassessment for the Relevant Taxation Years are consistent with the Proposal received by Silver Wheaton, which was previously announced on July 6, 2015. In issuing the reassessments, the CRA is seeking to increase Silver Wheaton's income subject to tax in Canada for the Relevant Taxation Years by approximately Cdn$715 million (US$536 million) which would result in federal and provincial tax of Cdn$201 million (US$151 million).  In addition, the CRA is seeking to impose transfer pricing penalties of approximately Cdn$72 million (US$54 million) and interest and other penalties of Cdn$81 million (US$60 million) for the Relevant Taxation Years. Total tax, interest and penalties sought by the CRA for the Relevant Taxation Years is Cdn$353 million (US$265 million).

Silver Wheaton intends to file a notice of objection within the required 90 day period provided under the Income Tax Act (Canada) and will be required to make a deposit of Cdn$177 million (US$133 million) representing 50% of the reassessed amounts. Silver Wheaton will seek to post security in the form of a letter of credit for this amount as opposed to a cash deposit. Cash that is deposited in respect of a reassessment would be refunded, plus interest, if the Company were ultimately successful in challenging that reassessment. The notice of objection will be reviewed by the CRA's Appeals Division. Silver Wheaton also has the right to appeal directly to the Tax Court of Canada once at least 91 days have elapsed since the filing of any notice of objection.

Management believes that Silver Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax law, and the Company intends to vigorously and expeditiously defend its tax filing position.

It looks like this one has some way to go before we get a resolution

 

Silver down again today at $14.48 stay patient

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