First Batch of Applicants Receive Reverse Income Tax Benefit

Tax Administration Jamaica, TAJ, says it has now disbursed funds under the Reverse Income Tax Credit to over 70,000 people.

In an update on Thursday, TAJ says payments have been made to 74,749 applicants.

Over 272,000 people have so far applied for the $20,000 one-off payment.

TAJ says the beneficiaries will be notified via SMS or email that the funds have been remitted to a financial institution or remittance agency of their choice.

TAJ is also advising that only people who have received the notification should visit their financial institution or remittance agency.

It says other successful applicants will be notified once the payments have been credited to their bank account.

According to the TAJ, the other 197,000 applicants will be paid in November.

The Reverse Income Tax Credit payment comes four weeks since the launch of the initiative which will benefit an estimated 580,000 eligible taxpayers earning below $3 million.