77,000 Jamaicans to Receive Reverse Income Tax Credit This Week

Some 77,000 Jamaicans who have successfully applied for the Government’s Reverse Income Tax Credit (RITC) are expected to receive an update on the availability of the funds this week.

Speaking today (October 29) in the House of Representatives, outgoing Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, said that these persons are expected “to be in receipt of an SMS or an email indicating that their reverse income tax credit will be at their financial institution or remittance agency”.

The remaining amount of the RITC will be paid in November and December, the Minister said, with a total of 260,976 successful applications being received as of Monday (October 28).

The tax giveback is a one-time payment of $20,000 to eligible taxpayers earning below $3 million, with an estimated 580,000 individuals slated to benefit.

“It is important that everyone does not rush to their remittance entity, you have to wait… only persons who receive the SMS or the email,” the Minister said.

He advised, further, that persons who will be collecting the funds through a remittance entity will need to have a valid government identification, namely a passport, driver’s licence, or a voter’s ID.

“If you are a person with disability, you can authorise someone to collect with a letter, signed by a Justice of the Peace, which has your application reference number, your Taxpayer Registration Number (TRN), the beneficiary ID and other information,” the Minister said.

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 $3 million annually and have completed their required tax filings and/or payments for the 2023 calendar year by August 31, 2024.