$4.3b in reverse income tax credit to be disbursed in November
$4.3b in reverse income tax credit to be disbursed in November . 
The Jamaica Observer
KINGSTON, Jamaica — Tax Administration Jamaica (TAJ) is reporting that 216,207 applicants will receive disbursements totalling over $4.3 billion in the month of November under the Government’s Reverse Income Tax Credit (RITC) initiative.

This means that eligible individuals earning less than $3 million annually will receive a one-time $20,000 payment, bringing the total number of individuals benefitting so far from the tax giveback to 290,912 taxpayers with total payments of $5.8 billion.

The latest payments are scheduled for disbursements during the week November 25 – 29, and will include payments to customers of National Commercial Bank and Scotia Bank that had earlier experienced delays in the process.

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.

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 individuals that have confirmation that the money has been disbursed should visit their financial institution or remittance agency.

The TAJ said 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.

Eligible individuals who have not yet applied are reminded of the deadline for the submission of RITC applications which expires on 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 website at www.jamaicatax.gov.jm.

The process of application to disbursement spans approximately four weeks from the time a confirmed application is submitted via the tax portal at www.jamaicatax.gov.jm.
Jamaica
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https://www.jamaicaobserver.com/2024/11/25/4-3b-reverse-income-tax-credit-disbursed-november/
2024-11-25
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$4.3b in reverse income tax credit to be disbursed in November