Finance Ministry Launches Reverse Income Tax Credit Initiative

The Ministry of Finance has launched its Reverse Income Tax Credit initiative.

The launch was held on Wednesday morning at the Jamaica Pegasus Hotel in New Kingston.

Daina Davy reports.

The one-off reverse credit was announced by finance minister, Dr. Nigel Clarke, during the 2024/2025 budget debate in March. It will see Jamaicans who earn $3 million or less per year receiving a $20,000 cash payment this fiscal year.

Minister Clarke says the government has delivered on its promise.

Minister Clarke thanked Tax Administration Jamaica for the work it has done to create a system that will process applications.

The finance minister says principle, care and equity were all considerations that influenced the government’s move to introduce the initiative.

Meanwhile, Commissioner General at Tax Administration Jamaica, TAJ, Ainsley Powell, says eligible taxpayers will have until January 2, 2025 to apply for the one-off benefit, with payments expected by March 31, 2025.

He says up to 580,000 people may be eligible.

Mr. Powell says eligible beneficiaries will be able to make an online application to qualify for the $20,000 reverse tax credit.

Ainsley Powell, Commissioner General at Tax Administration Jamaica.

The TAJ says it will be conducting public education campaigns about the application process. People seeking information may visit the TAJ website using taxback@taj.gov.