- Taruga Minerals (TAR) is granted a position in the Junior Minerals Exploration Incentive (JMEI) scheme for the 2021/2022 tax year
- Taruga says it has received an allocation of up to $900,000 in tax credits which can be distributed to eligible shareholders
- To be eligible, shareholders must participate in Taruga capital raising activities after September 1 and before the end of the new financial year
- Taruga Minerals was down 1.92 per cent, trading at 5.1 cents at 2:35 pm AEST
Taruga Minerals (TAR) has been granted a position in the Junior Minerals Exploration Incentive (JMEI) scheme for the 2021/2022 tax year.
The JMEI was first introduced in 2017 to encourage investment in small mineral exploration companies that carry out “greenfields” mineral exploration in Australia. This allows companies to generate a tax incentive by choosing to give up a portion of their losses for distribution to investors.
Taruga said it had received an allocation of up to $900,000 in tax credits which could be distributed to eligible shareholders. To be eligible, shareholders must participate in any future Taruga capital raising activities after September 1 and before the end of the new financial year.
The timing of any future equity raising has not yet been determined, with the credits dependent on the amount of allowable exploration incurred by Taruga in the new financial year, the company’s tax losses and the total number of Taruga shares issued between 1 September 2021 and 30 June 2022.
Eligible shareholders will be notified by the company following its lodged tax return.
Taruga Minerals was down 1.92 per cent, trading at 5.1 cents at 2:35 pm AEST.