(Reuters) - Silver streaming company Silver Wheaton said the Canada Revenue Agency (CRA) would commence an audit of the company’s international transactions for the years 2011 to 2013.
Earlier in July 2015, the CRA sought to tax the company’s streaming income earned by its foreign units and said its taxable income should be increased by about C$715 million ($488.66 million) for the years 2005 to 2010.
If CRA were to reassess 2011 to 2013 taxation years, their estimated taxes payable in Canada would further increase by about $310 million for this period, the company said.
“The court process, rather than the CRA appeals process, will provide the most expeditious avenue for the resolution of this matter,” said President and Chief Executive Officer of Silver Wheaton, Randy Smallwood.
Timing of the court process for the 2005 to 2010 taxation years and audit of the 2011-2013 taxation years is uncertain, the company said.
Taxation years post-2013 also remain open to audit by the CRA, the company added.
Reporting by Sangameswaran S in Bengaluru; Editing by Sunil Nair