$4.3B in Reverse Income Tax Credit to be Disbursed in November

Tax Administration Jamaica (TAJ) is reporting that 216,207 applicants will receive disbursements totalling over $4.3B in the month of November under the Government of Jamaica’s, Reverse Income Tax Credit (RITC) initiative.

This means that eligible individuals earning less than $3M, will receive a one-time $20,000 payment, bringing the total number of individuals benefitting so far from the tax giveback to 290,912 taxpayers with total payments of $5.8B.

The latest payments are scheduled for disbursements during the week November 25 – 29, 2024, and will include payments to clients of National Commercial Bank and Scotia Bank, that had earlier experienced delays in the process.

The beneficiaries are reminded that they will receive a notification via SMS text message or email advising when the disbursement is made to the financial Institution or remittance agency of their choice.

Alternatively, successful applicants may use the “Track Status of Application” option on the RITC hub at www.jamaicatax.gov.jm.

TAJ is advising that only persons who have confirmed that the money has been disbursed should visit their financial institution or remittance agency.

The Tax Authority is reporting that disbursements to financial institutions and remittance agencies continue to stay on track, with subsequent disbursements slated to take
place in December and January, in keeping with the government’s projection.

Eligible individuals who have not yet applied are reminded of the deadline for the submission of RITC applications, which expires on December 2, 2024.

They will need to have at hand their Taxpayer Registration Number (TRN), valid banking information, and telephone number or email address to complete and submit the online application via the TAJ website at www.jamaicatax.gov.jm.

They will be able to choose from a list of participating financial institutions or remittance agencies that now includes Scotiabank Jamaica, to receive the disbursements.

Additionally, the process of application to disbursement spans approximately four (4) weeks, from the time a confirmed application is submitted via the tax portal at www.jamaicatax.gov.jm.

Individuals have the option of tracking the status of their application using the confirmation number provided during the application process.

Taxpayers may avail themselves of information about the Reverse Income Tax Credit via the information hub at www.jamaicatax.gov.jm, to facilitate persons submitting applications and getting relevant information about RITC to include answers to Frequently Asked Questions.

The RITC is designed for individuals, including the self-employed, Pay-As-You-Earn (PAYE) employees and pensioners, as well as Domestic Workers, who earn less than $3M annually and have completed their required tax filings and/or payments for the 2023 calendar year by August 31, 2024.

For further RITC related information persons may contact (888) TAX-BACK/ (888) 829-2225, TaxBack@taj.gov.jm or visit www.jamaicatax.gov.jm.