Reverse Income Tax Credit Application Deadline Extended to December 13

The deadline for the submission of new applications for the Government of Jamaica’s Reverse Income Tax Credit (RITC) has been extended from December 2 to December 13, 2024, as the eligibility period for the filing of Returns has been adjusted from August 31 to October 15, 2024. This means that individuals, including self-employed persons, Pay-As-You-Earn (PAYE) employed persons and Domestic Workers filing a Stamp Card, now have until December 13 to apply for the RITC, once they had completed their required tax filings and/or payments by October 15, 2024. This move is primarily to allow employers who filed their Employer’s Annual Return (S04) after the previous August 31, 2024 date but by the extended October 15, 2024 date, now allowing additional employees who earned below $3M in the year 2023 to benefit from the GOJ one-time payment of $20,000.

Additionally, for individuals who are National Insurance Scheme (NIS) Stamp Card holders, and had updated their Taxpayer Registration Number (TRN) information with the NIS, are being advised that their information has now been updated in the supplemental database. This means that Stamp Card holders who had previously submitted applications, may now do so again. Similarly, other persons who have been advised by TAJ to reapply, due to an earlier challenge that has been rectified, may also reapply. Such persons will have until December 31, 2024 to resubmit their applications.

So far, 290,912 individuals have benefitted from the government’s tax give back, with total payments of $5.8B disbursed up to the end of November. A further 38,263 applications are currently at various stages of the application process. Disbursements to financial institutions and remittance agencies continue to stay on track, with subsequent disbursements scheduled to take place in December and January, in keeping with the government’s projection.

Taxpayers are being reminded that the process of application to disbursement spans a minimum of four (4) weeks, from the time a confirmed application is submitted via the tax portal at www.jamaicatax.gov.jm. The beneficiaries are reminded 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, as well as if there is a subsequent challenge with the information provided. Alternatively, successful applicants may use the “Track Status of Application” option on the RITC hub at www.jamaicatax.gov.jm. TAJ is advising that only persons who have confirmed that the money has been disbursed should visit their financial institution or remittance agency.

Persons are reminded that a Reverse Income Tax Credit Hub is available on the TAJ portal at www.jamaicatax.gov.jm, to facilitate persons submitting applications and getting relevant information about RITC to include Frequently Asked Questions.

Persons interested in submitting their applications will need to have at hand their Taxpayer Registration Number (TRN), valid banking information, and telephone number and email address to complete and submit the online application. They may also choose from a list of participating financial institutions or remittance agencies to receive the disbursements.

For further information please contact (888) TAX-BACK/(888) 829-2225, TaxBack@taj.gov.jm or visit www.jamaicatax.gov.jm.