Environmental Clean Technologies Limited (ASX:ESI and ECT or Company) is pleased to advise receipt of the expected Research and Development Tax Incentive rebate from the Australian Tax Office.
The rebate of $1.632 million is in line with company expectations and represents an increase of $339,000 over the previous years $1.293 million.
This increase was largely driven by the full year nature and increased total expenditure on our design and engineering works associated with our Design for Tender program, and the subsequent works for the detailed engineering packages associated with the planned Coldry Demonstration Plant (CDP).
As reported on 20 August 2013, these major engineering efforts have now concluded.
The R&D Tax Incentive is administered by AusIndustry and provides for a 45% tax rebate, or in the case of a pre-revenue company like ECT, a cash rebate on eligible expenditure.
The planned CDP by definition is developmental and therefore eligible under the program in future years.
For further information contact:
Ashley Moore – Managing Director +61 3 9909 7684 or firstname.lastname@example.org