Business
Mercator Gold Australia Pty Limited – Tax Update
Mercator Gold Australia Pty Limited – Tax Update.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Mercator Gold Australia Pty Limited – Tax Update\n \n \n \n \n ECR Minerals plc\n \n \n \n \n \n \n ECR MINERALS plc\n \n \n (“ECR Minerals”, “ECR” or the “Company”)\n \n \n Mercator Gold Australia Pty Limited - Tax Update\n \n \n ECR Minerals plc (LON:ECR), the precious metals exploration and \n development company, is pleased to provide an update in respect of a \n Research and Development refund received under the R&D Tax Incentive \n from the Department of Industry, Innovation and Science of the \n Australian Government.\n \n \n Highlights:\n \n \n \n Mercator Gold Australia Pty Limited (“MGA”) ECR’s 100% owned \n Australian subsidiary has received a cash Research and Development \n refund of A$318,971.73 (approximately £171,000);\n \n \n The refund received relates to qualifying expenditure incurred by MGA \n in the year ended 30 June 2018;\n \n \n In addition, MGA is entitled to submit a further claim for the year \n ended 30 June 2019 and based on current estimated qualifying \n expenditure the amount of the claim for the period to date will be \n approximately A$370,000 (approximately £198,000) which the Company \n would expect to receive in around August 2019, although there can be \n no guarantee that this amount will be obtained;\n \n \n Finally, included within the MGA Tax Return for the year ended 30 June \n 2018, MGA has carried forward corporate income tax losses of \n A$66,203,862 (approximately £35.5million) in respect of historical \n losses which are available for carry forward.\n \n \n \n Craig Brown, Chief Executive Officer commented: “I am \n pleased to confirm the receipt of a significant cash refund by MGA our \n Australian subsidiary. This incoming cash augments existing cash \n resources and will applied toward the Company’s active gold exploration \n programmes in Australia.\n \n \n A further refund claim will be made for the year ended 30 June 2019 and \n based on current qualifying expenditure, we anticipate a claim of \n A$370,000 against which we would expect to receive cash payment around \n August 2019, based on our current planned financial accounts and tax \n reporting schedule although there can be no guarantee that this amount \n will be obtained.\n \n \n We are grateful for the immense support offered by the Australian \n Government which we believe demonstrates the attract...