A major Canadian corporation and its practice of shifting profits to a tax haven are getting lots of attention in Saskatoon from this billboard.
The creation of Saskatchewan Citizens for Tax Fairness, it sits at the corner of a busy Saskatoon intersection and has already received front page media attention. Read the stories from The Star Phoenix, CBC Television, CKOM radio and Global TV.
The billboard was inspired by a Canadians for Tax Fairness editorial. It outlined how Saskatchewan-based Cameco, one of the world’s largest uranium producers has avoided paying hundreds of millions in taxes to people in Saskatchewan and Canada.
Cameco mines and sells Canadian uranium. It uses Canadian infrastructure and benefits from Canadian health care and education systems. Quite the deal since it is subject to the lowest corporate tax rate in the G8. But instead of paying its fair share, Cameco shifts its profits to a Swiss tax haven.
Cameco argues that it follows the letter (if not the spirit) of the law. And it isn’t the only Canadian company engaging in this practice. It is a global activity that is being scrutinized by G8 leaders, the OECD, World Bank and activists.
The billboard says it all: “Pay taxes where profit is earned” – that’s tax fairness.
For more information on Cameco's profit shifting scheme see Why Does A Canadian Company Pay Its Taxes to Switzerland?