Application deadline for Reverse Income Tax Credit extended

Tax Administration Jamaica (TAJ)  has announced that the deadline for the submission of new applications for the Government's Reverse Income Tax Credit has been extended to December 13.

TAJ says it was shifted from December 2 as the eligibility period for the filing of returns was adjusted from August 31 to October 15, 2024.

This means that individuals, including self-employed persons, Pay-As-You-Earn (PAYE) employed persons and domestic workers filing a Stamp Card, now have until December 13 to apply, once they had completed their required tax filings or payments by October 15.

It says this will allow additional employees who earned below $3 million in the year 2023 to benefit from the one-time payment of $20,000.

Additionally, for individuals who are National Insurance Scheme (NIS) Stamp Card holders, and had updated their Taxpayer Registration Number (TRN) information with the NIS, are being advised that their information has now been updated in the supplemental database.

This means that Stamp Card holders who had previously submitted applications, may now do so again.

Similarly, other persons who have been advised by TAJ to reapply, due to an earlier challenge that has been rectified, may also reapply.

Such persons will have until December 31 to resubmit their applications.

So far, 290,912 individuals have benefitted from the government's tax give back, with total payments of $5.8 billion disbursed up to the end of November.

TAJ says a further 38,263 applications are currently at various stages of the application process.

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