By Prince Moore
Tax Administration Jamaica has revealed that, since the October 2 launch of the Government's Reverse Income Tax Credit, 262,000 eligible applications have been approved for processing and subsequent disbursement.
The tax give-back is a one-time payment of $20,000 to eligible taxpayers earning less than three million dollars with an estimated 580,000 people slated to benefit from the activity.
TAJ is reminding taxpayers that the process from application to disbursement spans approximately four weeks, from the time a confirmed application is submitted via the tax portal at jamaicatax.gov.jm.
The Tax Authority has created a Reverse Income Tax Credit Hub on its tax portal to facilitate taxpayers submitting applications and getting relevant information about the initiative.
Taxpayers have until December 2, 2024 to submit their applications, and 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.
They may also choose from a list of participating financial institutions or remittance agencies to receive the disbursements.
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