Over 40,000 successful applications have been submitted for the Government’s one-off reverse income tax credit, as at 2 o’clock this afternoon.

The regime was launched by the Finance Ministry yesterday.

Portfolio Minister Dr. Nigel Clarke posted the update on his social media pages today.

The one-off payment of $20,000 is for registered Jamaican taxpayers who earn $3 million or less.

The qualifying tax year is 2023.

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

The processing time for the disbursement of funds is approximately four weeks.

Applicants will be notified of the disbursement via email or phone text messaging.

The application period for the reverse income tax credit is October 2, 2024 to December 2, 2024.