More Than 200,000 Applications Received for Income Tax Credit

Tax Administration Jamaica, TAJ, says just over 200,000 people have so far successfully applied for their Reverse Income Tax Credit.

The TAJ’s chief corporate communications officer Meris Haughton provided the update on Nationwide at Five on Monday.

The Reverse Income Tax Credit will provide a cash payment of $20,000 this fiscal year to people earning $3 million or less annually.

But Ms Haughton stresses that the tax credit only applies to the assessed year of 2023.

Eligible taxpayers will have until December 2 to apply, with payments expected by March 31, 2025.

People who are eligible for the benefit can visit the Tax Administration Jamaica website to apply. For more information visit the Tax Administration Jamaica website at www.jamaicatax.gov.jm.

Meanwhile, Ms Haughton explained why some applications have been denied.

Meris Haughton, chief corporate communications officer at TAJ.