Over 200,000 taxpayers who earned less than 3 million dollars last year will receive their one-off payment of $20,000 under the government’s Reverse Income Tax Credit initiative, this week.

Tax Administration Jamaica, T-A-J, says the payments to 216,207 successful applicants will be disbursed today November 25, through to Friday November 29.

Customers of the National Commercial Bank and Scotia Bank, who experienced delays earlier in the process, will be among those receiving payment. 

The latest disbursements will bring the total number of individuals benefiting so far from the tax giveback to 290,912 taxpayers with total payments of 5.8 billion dollars.

TAJ is reminding beneficiaries that they will receive a notification via SMS text message or email advising when the disbursement is made to the financial institution or remittance agency of their choice. 

Alternatively, successful applicants may use the “track status of application” option on the TAJ’s website.

TAJ is also advising that only persons who have confirmed that the money has been disbursed should visit their financial institution or remittance agency.

It adds that disbursements to financial institutions and remittance agencies continue to stay on track, with subsequent disbursements slated to take place in December and January, in keeping with the government’s projection.

 Eligible individuals who have not yet applied are being reminded that the deadline is December 2, 2024.

They will need to have at hand their Taxpayer Registration Number (TRN), valid banking information, and telephone number or email address to complete and submit the online application via the TAJ’s website.

The Reverse Income Tax Credit initiative is designed for individuals, including the self-employed, pay-as-you-earn (PAYE) employees and pensioners, as well as domestic workers, who earn less than $3M annually and have completed their required tax filings and/or payments for the 2023 calendar year by August 31, 2024.