Tax Administration Jamaica (TAJ) has disclosed that over 200,000 eligible taxpayers have successfully submitted their applications for the Reverse Income Tax Credit (RITC) since launching the programme on October 2, 2024.

The tax giveback initiated by the Government of Jamaica is a one-time $20,000 payment that is estimated to benefit over 580,000 eligible taxpayers earning below $3 million.

The RITC is designed for the self-employed, Pay-As-You-Earn (PAYE) employees, pensioners, and domestic workers who earn less than $3 million annually and have completed their tax filings and payments for the 2023 calendar year by August 31, 2024.

For this purpose, the TAJ created a Reverse Income Tax Credit Hub on its tax portal, www.jamaicatax.gov.jm, to facilitate application submissions and dissemination of relevant information about RITC, to include Frequently Asked Questions.

Taxpayers have until December 2, 2024, to submit their applications. They will also need their Taxpayer Registration Number (TRN), valid banking information, and telephone number or e-mail address to complete and submit the online application.

Applicants may also choose from a list of participating financial institutions or remittance agencies to receive disbursements.

“It is expected that disbursements will be made within four (4) weeks of a confirmed application. Persons have the option of tracking the status of their application using the confirmation number provided during the application process. Additionally, users of the system may opt to receive notifications via email or SMS text message,” the TAJ said.

The tax authority is reminding taxpayers that to qualify for the tax credit, self-employed individuals must have filed their Annual Return of Income, Taxes and Contributions payable (S04) for the year of assessment 2023 and paid the required statutory obligations in full by August 31, 2024.

For employed persons under the PAYE system, their employer must have filed the Employer’s Annual Return (S02) for the calendar year 2023 by August 31, 2024. Additionally, to qualify for the tax credit, domestic workers must have submitted their National Insurance Scheme (NIS) Stamp Card for the year 2022 and their names appear in the NIS database by August 31, 2024.