The Jamaican Government is set to disburse more than $4.3 billion under its Reverse Income Tax Credit (RITC) program this November, benefiting 216,207 individuals. This initiative, which targets those earning less than $3 million annually, will provide a one-time payment of $20,000 to eligible taxpayers.
With the latest round of disbursements, the total number of individuals benefiting from the tax relief will increase to 290,912, amounting to a total payout of $5.8 billion. The payments are scheduled to be processed between November 25 and November 29, 2024. Notably, individuals banking with National Commercial Bank (NCB) or Scotia Bank, who experienced delays in previous rounds, will also receive their funds during this period.
Beneficiaries will be notified via SMS or email when their funds have been deposited into their designated bank accounts or remittance agencies. For added convenience, applicants can track the status of their disbursements using the “Track Status of Application” feature on the RITC website at www.jamaicatax.gov.jm.
The Tax Administration Jamaica (TAJ) has urged recipients to wait for confirmation before visiting their banks to ensure smooth processing. While disbursements are proceeding on schedule, further payments are expected in December and January as part of the government’s timeline.
For individuals who have not yet applied for the RITC, the deadline to submit applications is December 2, 2024. Applicants will need their Taxpayer Registration Number (TRN), valid banking information, and contact details to complete the process online via the TAJ portal.
The disbursement process typically takes four weeks from the time an application is confirmed, so those who apply before the deadline can expect to receive their funds in the coming months.
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