SUDA Pharmaceuticals (ASX:SUD) Gets R&D Tax Incentive Refund of $0.66 Million
SUDA Pharmaceuticals Limited (ASX:SUD) has recently obtained a refund $0.66 million from the Australian Taxation Office (ATO) under the government’s R&D Tax Incentive for the financial year 2020. The government’s R&D tax incentive encourages companies to indulge in R&D programs by offering a refundable tax offset of up to 43.5 per cent for eligible activities.
The incentive recognises SUDA’s R&D activities undertaken during the last financial year. As per the Company, the receipt of $0.66 million in additional funding is expected to further support its development work for the current year.
As at 11:56 AM AEST, SUDA shares are trading 7.5 per cent higher at $0.043 on 25 November 2020.