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Canada Revenue Agency reassessed Zentek's 2019 taxes, reducing qualifying expenses and triggering a $22,481 tax bill, with the company agreeing to indemnify investors.
Zentek Ltd. received a reassessment notice from the Canada Revenue Agency for its 2019 fiscal year, stemming from two flow-through financings that raised $4.21 million.
The CRA reclassified about $199,000, or 16.467%, of renounced Canadian exploration expenses as non-qualifying, triggering a $22,481.89 Part XII.6 tax assessment.
Subscribers will be contacted by the CRA regarding reassessed deductions.
Zentek will reduce renounced expenses pro rata among 2019 investors and has agreed to indemnify them for related tax liabilities within 20 business days, with a maximum liability of $427,000.
Affected subscribers are urged to contact the company to claim indemnification.
La Agencia de Ingresos de Canadá reevaluó los impuestos de 2019 de Zentek, reduciendo los gastos calificados y provocando una factura fiscal de $ 22,481, y la compañía acordó indemnizar a los inversores.