Almost $7b paid out under Reverse Income Tax Credit
TAX Administration Jamaica (TAJ) has reported that just under $7 billion has been paid out so far under the Government’s Reverse Income Tax Credit (RITC) since it was introduced last October.
In a release on Monday, in which it announced that the deadline for the resubmission of applications for the RITC has been extended to January 31, TAJ provided an update on the number of people who have benefited from the one-off $20,000 payment.
“Since the October 2024 implementation of the one-off RITC, to date 343,086 Jamaicans have benefited from RITC disbursements, totalling $6,861,720,000. The latest payments are scheduled for the last week in January, with the final RITC payment scheduled to be paid in February,” said TAJ.
The RITC initiative 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.
According to TAJ, with the extended deadline approximately 9,000 individuals whose applications were rejected due to invalid banking/tax information, and who were subsequently advised to reapply, have until 11:59 pm on Friday, January 31 to do so via the online platform at https://www.jamaicatax.gov.jm/ritc.
“Eligible taxpayers who have been advised to resubmit their applications are recommended to opt for the one-time tax give-back payment to be sent to the listed remittance agencies if they continue to experience challenges with providing valid banking information, and are further reminded that these agencies may charge a fee,” TAJ said in its release.
“Taxpayers are reminded of the Reverse Income Tax Credit Hub, which is available on the TAJ portal at
https://www.jamaicatax.gov.jm/ritc to facilitate the resubmission of applications and getting relevant information about RITC to include ‘Frequently Asked Questions’.
“Additionally, persons may get support by contacting TAJ via (888) TAX-BACK/ (888) 829-2225 or
TaxBack@taj.gov.jm, and [may access] updates on their reapplication using use the Track Status of Application option on the RITC hub at https://www.jamaicatax.gov.jm/ritc,” the entity said.
