74,749 Jamaicans receive $20,000 from Reverse Income Tax Credit
Vanassa McKenzie / Our Today
Some 74,749 Jamaicans who were successful in their application for the reverse income tax credit have received their $20,000 disbursement.
Tax Administration Jamaica (TAJ) said payments being made relate to financial institutions and remittance services such as the JN Bank, JN Money Services, LASCO Financial Services, and VM Money Transfer.
TAJ is advising persons who have received the notification of payment to visit their financial institution or remittance agency.
Another 197,292 applicants are expected to be paid in November. TAJ said they will be notified once the payments have been credited to their bank account or sent to their selected remittance agency.
Meanwhile, applicants can track their application on the TAJ website at www.jamaicatax.gov.jm.
A total of 580,000 Jamaicans who are registered taxpayers earning $3 million and contributing to the Jamaican society through statutory deductions or through personal income tax will benefit from the Reverse Tax Credit.
The program, which was officially launched on Thursday, October 3, is expected to cost the government some $11.4 billion.
Eligible individuals who have monthly deductions from their salary, such as education tax, the National Housing Trust, and the National Insurance Scheme (NIS), that have been paid over to the Tax Administration of Jamaica (TAJ), can apply online via the TAJ’s website.
Application closes January 2, 2025.
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