Canadian tax authorities do not agree with the way Univar Solutions (UNVR), a distributor of commodity and specialty chemical products, accounted for certain intra-company business. Rather than treating certain financing transactions between its Canadian and U.S. subsidiaries as debt, the Canada Revenue Agency (CRA) says the deals should’ve been treated as equity.

Univar now owes the CRA the equivalent of $36.7 million back taxes and penalties.

The examination covers tax years 2015 and 2016.

In its latest quarterly filing, Univar hints that the CRA may not be finished scouring previous financials for similar transgressions:

“It is possible that the CRA might take a similar position in relation to two additional tax years (2017 and 2018), but the Company has not received a proposal in relation to those years. The transactions that are being challenged by the CRA for 2015 and 2016 do not apply in periods after 2018.”