More than 290,000 Jamaicans receive reverse income tax credit

Finance Minister Fayval Williams says 290,912 Jamaicans have successfully applied for the Government's reverse income tax credit initiative.

The Reverse Income Tax Credit is a financial initiative designed to assist persons earning $3 million or less annually, who meet the specific criteria to receive a one-off payment of $20,000.

Williams said the applications were submitted between October and November.

The minister gave the update in the House of Representatives on Tuesday, where she said this has cost the Government $5.8 billion.

The update follows Prime Minister Andrew Holness' indication on Sunday that the Government will, in 2025, offer the same benefit to Jamaicans who have not been fully captured in its We Care giveback programme.

Headlines Delivered to Your Inbox

Sign up for The Gleaner’s morning and evening newsletters.

He said they should also benefit from the cashback being enjoyed by others through the reverse income tax credit initiative, now under way.

Holness said those to be targeted are persons not registered on PATH, not captured in the tax system through employment, or not currently on Jamaica's national social pension or NIS system.

“These persons would be outside our safety net programmes, 18 years or older, unassisted and unregistered vulnerable population. As citizens, they too should benefit from the giveback. Starting in February, we will open applications which will involve a needs assessment process for a one-off cash grant of $20,000,” he said.

- Kimone Francis