BRIEF-Taiga Building receives notice from CRA relating to it's 2005 to 2013 taxation years

Mon Sep 12, 2016 11:17pm EDT
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Sept 12 (Reuters) - Taiga Building Products Ltd :

* Taiga building products provides update on tax reassessment

* Has received a notice of reassessment from canada revenue agency relating to co's 2005 to 2013 taxation years

* Notice of reassessment for relevant taxation years is consistent with previously disclosed proposal received by taiga

* Says in issuing reassessment in amount of $41 million cra is seeking to increase withholding taxes paid by Taiga

* Says co disagrees with cra's proposal and intends to challenge reassessment and defend its tax filings

* Expects funds deposited with cra during dispute, owed in event of an unsuccessful appeal will provided by it's two major shareholders

* Says co will be required to either immediately pay full amount owed or post security Source text for Eikon: Further company coverage: