Australian Vanadium Ltd (ASX:AVL, OTCQB:ATVVF) has boosted finances as it pursues a value-added vanadium strategy encompassing upstream and downstream operations after receiving a $2.6 million R&D refund for the 2022/23 tax year.
The refund from the Australian Federal Government’s Research and Development (R&D) Tax Incentive Scheme is in relation to R&D work undertaken by AVL and Technology Metals Australia (TMT) in the 2022/23 financial year.
READ: Australian Vanadium receives council support for vanadium processing site
Administered jointly by the Australian Taxation Office and the Department of Industry, Science, Energy and Resources, the self-assessment scheme encourages companies to engage in R&D benefiting Australia, by providing a tax offset for eligible activities.
The total received by AVL comprises $1.79 million from the TMT submission and $840,000 from the AVL submission which was received during July.
READ: Australian Vanadium winds up first phase of optimised feasibility study for namesake project
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