December 6, 2016 / 1:37 AM / a year ago

Suncor resolves tax dispute with Canada Revenue Agency

(Reuters) - Suncor Energy, Canada’s largest oil and gas company, said on Monday that it had resolved a dispute with the Canada Revenue Agency (CRA) over its income tax treatment from 2007.

A Suncor refinery is seen in Sherwood Park, near Edmonton, Alberta, Canada November 13, 2016. REUTERS/Chris Helgren - RTSSZQT

The Tax Court of Canada’s decision closes the dispute between CRA and Suncor over the company’s income tax treatment of realized losses in 2007 on the settlement of certain derivative contracts, Suncor said in a statement.

Suncor also said that it will take steps to get back the $657 million it had given to CRA and the provinces of Quebec and Ontario for the dispute.

Reporting by Parikshit Mishra in Bengaluru

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