Government launches $11.5B reverse income tax credit regime, which will offer one off $20,000 payments to Jamaicans earning less than $3M annually
Registered Jamaican taxpayers who earn $3 million or less can now apply for a one-off reverse income tax credit payment of $20,000.
The reverse income tax credit regime was launched by the Finance Ministry this morning.
The qualifying tax year is 2023.
Some 580,000 self-employed and PAYE residents are expected to benefit from the $11.4 billion program.
They can apply online via the Tax Administration Jamaica (TAJ) website.
The deadline for applications is January 2, 2025.
Payouts to successful applicants are expected to be made through remittance agencies and local banks before March 31 next year.
Speaking at this morning’s launch, Finance Minister Dr. Nigel Clarke stated that the regime shows the government cares about hard working, tax-paying Jamaicans.
He said the fruits of macro-economic stability belong to all Jamaicans.
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