Two additional rounds of Reverse Income Tax Credit Payments

Tax Administration Jamaica (TAJ) has announced that two additional rounds of payments are scheduled for eligible applicants under the Government’s Reverse Income Tax Credit (RITC) programme.

The programme, which facilitates the provision of $20,000 to persons earning under $3 million, has seen two tranches of payments disbursed so far – one at the end of October and the other during the last week of November.

Chief Corporate Communications Officer at TAJ, Meris Haughton, said that while most payments were successfully processed, “there were delays [for] about five per cent of the payments that were disbursed in November”.

She said TAJ is actively working with the Accountant General’s Department (AGD) and financial institutions to resolve these issues.

To this end, the next payment is set for December 16 to 20, followed by a final disbursement in mid-January.

Haughton emphasised the urgency of these disbursements, stating, “It has to be done before the end of the [2024/25] fiscal year, because it’s budgeted for this year.

“Whatever is outstanding at the remittance agencies will be returned by February so that it can be reconciled and go back into the government’s coffers before the end of March [2025],” she added.

Thus far, approximately 290,000 Jamaicans have received payments through the RITC initiative, primarily benefiting employed and self-employed persons.

“We’re up to $5.8 billion, in terms of payments,” Haughton indicated, while highlighting the significant financial support provided to eligible applicants.

To ensure that all eligible applicants benefit from the RITC, she reiterated the importance of proper account management.

“You have to be a named person on the account. It can be a joint account, but your name also has to be on that joint account so that we can ensure that the money is going to the intended person,” she underscored.

TAJ has established a dedicated Reverse Income Tax Credit hub on their website –  https://www.jamaicatax.gov.jm/ -- to assist persons seeking additional information about the RITC programme.

This hub includes a comprehensive Frequently Asked Questions (FAQs) section, designed to address common inquiries.Additionally, individuals can reach out via customer care or call the dedicated toll-free line at 888-TAX-BACK (888-829-2225) for assistance.

Haughton encouraged applicants to stay informed by “either [checking] the application tracker in the application or [awaiting] notification from us via email or SMS, based on how they indicated in their application”.