Reverse Income Tax Credit Extensions Intended to Ensure More Jamaicans Benefit

Tax Administration Jamaica (TAJ) is assuring that every effort is being made to ensure qualified workers benefit from the Reverse Income Tax Credit (RITC).

Chief Corporate Communications Officer at the TAJ, Meris Haughton, told JIS News that the initial qualifying period for filing was up to August 31.

She said this has, however, been extended to October 15.

She said this extension aims to accommodate employers who were tardy in submitting returns, which inadvertently disenfranchised employees.

This decision was made following recommendations from the TAJ to the Ministry of Finance and the Public Service.

Meanwhile, Ms. Haughton advised that an extension has also been granted for new applications.

“What we have done, with the permission of the Ministry of Finance, is to extend the application period to December 13. So… new applicants… will have up until December 13,” she stated.

Ms. Haughton also advised that persons who previously applied but experienced challenges with their information and are “reapplying… for whatever reason… will have up until December 31”.

These include individuals whose bank information was incorrect or who were not listed correctly in the National Insurance Scheme (NIS) database.

Ms. Haughton also reminds self-employed individuals that it is necessary to file and pay their income tax for the year 2023.

For employed individuals, their employers must have filed the annual employers’ returns for 2023, ensuring their names appear on these documents.

Regarding NIS contributors, Ms. Haughton indicated that they will be using data from 2022.

Meanwhile, Ms. Haughton highlighted the programme’s role in enhancing compliance among taxpayers, “because we would not have been able to see, at a one shot like that, that there were so many persons who were non-compliant with their filings”.

The Reverse Income Tax Credit is a Government initiative, designed to assist individuals earning below $3 million.

This programme is available to employed and self-employed people, and stamp card users who meet specific criteria.

The RITC provides a one-off benefit of $20,000 to eligible individuals who submit their returns by the new deadline.

For more information on this provision and eligibility requirements, please visit the Tax Administration Jamaica website at www.jamaicatax.gov.jm.