The reverse tax credit regime was officially launched on Wednesday, October 2, which will see registered taxpayers who earn $3 million or under benefit from a reverse tax credit of $20,000.

Speaking at the launch, Minister of Finance and the Public Service, Dr Nigel Clarke, said the government implemented the regime being mindful of the inequality of income in Jamaica.

“It is important that we recognise that it exists, but we don’t leave it as is; the government takes steps to ensure that people know that we care and that we are doing something to address the circumstances that they face,” he said.

“Any person that earns under $3 million from whom NHT [National Housing Trust], education tax and other statutory deductions have been made and have been paid over to the TAJ [Tax Administration of Jamaica], there is $20,000 in a one-off income tax credit waiting for you,” Clark said.

A total of 570,000 Jamaicans who contribute to the Jamaican society through statutory deductions, and some through personal income tax, will benefit from the measure.

The cost of the programme will be $11.4 billion.

The qualifying year of assessment for the regime is 2023.

Taxpayers who satisfy the requirements can apply online via the TAJ’s website. Payments will be made to their banking institutions or desired remittance company.

The deadline for applications is January 2, 2025.