Over 190,000 applications approved so far for Reverse Income Tax Credit
Published:Monday | October 7, 2024 | 9:54 AM
Minister of Finance Dr Nigel Clarke says, up to 8 a.m Monday, there were 190,068 approved applications for the Government's Reverse Income Tax Credit.
The Reverse Income Tax Credit provides a one-off $20,000 credit to individual taxpayers who earn less than $3 million annually.
The Government estimates that approximately 580,000 Jamaican taxpayers will benefit from the initiative.
It is expected to cost approximately 11.4 billion.
The application period for the Reverse Income Tax Credit is October 2 to December 2.
To be eligible, persons must be contributing to the system via Education Tax, National Housing Trust (NHT) and National Insurance Scheme (NIS) statutory deductions.
The finance ministry says payments will be made through remittance companies.
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