Up to yesterday over 67,000 applications submitted

Durrant Pate/Contributor

Tax Administration Jamaica (TAJ) is promising that the glitches being encountered regarding the application of its Reverse Income Tax Credit (RITC) will be sorted out by the end of today.

TAJ says it is aware of RITC applicants experiencing validation code challenges when using the SMS option, noting that its service providers have been working on a resolution. TAJ is advising that applicants opt to receive notification via email or delay their application until the SMS option is fixed. 

In the meantime, TAJ’s service providers have advised of a possible resolution that will be tested in its system and anticipate full restoration by today. TAJ says it apologises for the inconvenience caused.

As of the end of yesterday, TAJ received 67,000 applications for the allowable $20,000 tax credit. The application period is October 2 to December 2, 2024.

The one-time RITC for taxpayers earning less than $3 million will provide a grant of $20,000 during year of assessment 2023. The initiative was launched at the Jamaica Pegasus Hotel in Kingston on Wednesday. 

The one-off payment is designed for individuals, including the self-employed, Pay-As-You-Earn (PAYE) employees, as well as Domestic Workers, who earned less than three million dollars during year of assessment 2023, and who would have completed their tax filings and payments for the 2023 calendar year or NIS Stamp Card for 2022 by August 31, 2024.

The government has estimated J$ 11.4 billion as the cost of this initiative.