By Clinton McGregor
Tax Administration Jamaica is reporting a major surge in applications for the government's Reverse Income Tax Credit payment.
TAJ said as at 2:30 Wednesday afternoon, over 219,431 eligible taxpayers successfully submitted their applications for the payout since its launch a week ago on October 2.
The tax giveback by the government, which is a one-time $20,000 payment, is estimated to benefit over 580,000 eligible taxpayers earning below $3 million per year.
It is designed for individuals, including the self-employed, Pay-As-You-Earn employees and pensioners, as well as domestic workers.
Taxpayers have until December 2, 2024 to submit their applications, and will need to have at hand their Taxpayer Registration Number, 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 that now includes Scotiabank Jamaica, to receive the disbursements.
TAJ says it is still in discussions to include additional financial institutions.
It is expected that disbursements will be made within four weeks of a confirmed application.
People have the option of tracking the status of their application using the confirmation number provided during the application process.
Taxpayers are reminded that to qualify for the tax credit, self-employed individuals must have filed their Annual Return of Income, Taxes and Contributions payable for the year of assessment 2023 and paid the required statutory obligations in full by August 31, 2024.
For employed persons under the PAYE system, their employer must have filed the Employer's Annual Return for the calendar year 2023 by August 31, 2024.
.jpg)
All feeds
