With just over three weeks since the October 2, 2024 launch of the Government of Jamaica’s Reverse Income Tax Credit (RITC), Tax Administration Jamaica (TAJ) is reporting 262,638 eligible applications approved for processing and subsequent disbursement.
The tax giveback is a one-time payment of $20,000 to eligible taxpayers earning below $3M, with an estimated 580,000 individuals slated to benefit from the activity.
However, in analysing the reasons for some of the rejections, TAJ has become aware that several Domestic Workers do not have a Taxpayer Registration Number (TRN) on record with the NIS.
A TRN is required to be eligible for the RITC.
To remedy this issue, persons whose applications are rejected due to “No eligible source of income found” and who submitted their 2022 Stamp Card before August 31, 2024 are being advised to visit the nearest NIS office to have their NIS records updated with their TRN.
This update must be completed before November 4, 2024 in order to be on the supplemental database provided to TAJ for eligibility determination.
Stamp Card applicants without TRN on record will be further advised when to reapply.
Taxpayers are being reminded that the process of application to disbursement spans approximately four (4) weeks, from the time a confirmed application is submitted via the tax portal at www.jamaicatax.gov.jm.
Individuals have the option of tracking the status of their application using the confirmation number provided during the application process.
Currently, users of the system are only able to receive notifications via email, as the functionality for SMS text message is currently unavailable.
The Tax Authority has created a Reverse Income Tax Credit Hub on its tax portal at www.jamaicatax.gov.jm, to facilitate persons submitting applications and getting relevant information about RITC to include Frequently Asked Questions.
Taxpayers have until December 2, 2024 to submit their applications, and 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.
They may also choose from a list of participating financial institutions or remittance agencies that now includes Scotiabank Jamaica, to receive the disbursements.
TAJ is still in discussions to include additional financial institutions.
The RITC 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.
For further information please contact (888) TAX-BACK/(888) 829-2225, TaxBack@taj.gov.jm or visit www.jamaicatax.gov.jm.