Registered Jamaican taxpayers who earn $3 million or less have begun applying for their one-off reverse income tax credit payment of $20,000.

Providing an update to IRIE FM News this afternoon, Finance Minister Dr. Nigel Clarke noted that 2,539 applications were submitted as at 3:30 PM.

The reverse income tax credit regime was launched by the Ministry around 11 this morning.

The qualifying tax year is 2023.

Eligible persons can apply online via the Tax Administration Jamaica website.

Dr. Clarke says the processing time for the disbursement of funds is approximately four weeks.

He notes that applicants will be notified of the disbursement via email or SMS.

Speaking at this morning’s programme launch, Dr. Clarke said the regime shows that Government cares about hardworking taxpaying Jamaicans.

He said the fruits of macro-economic stability belong to all Jamaicans.

The deadline for submitting applications under the regime is January 2, next year.

Payouts to successful applicants are expected to be made, through remittance agencies and local banks before March 31 next year.