Thousands of Jamaicans to Benefit from Reverse Income Tax Credit

• Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says the Reverse Income Tax Credit provision is intended for the mass of working citizens who contribute to the Jamaican economy through monthly or regular statutory deductions.

• Closing the 2024/25 Budget Debate in the House of Representatives on Tuesday (March 26), Dr. Clarke said the primary beneficiaries will be persons regularized before the end of the fiscal year, who earn below the income tax threshold, particularly Jamaicans earning close to the minimum wage.

• He noted that there are already approximately 570,000 Jamaicans who earned less than $3 million (approx. 450,000 less than $1.5 million) in 2023 who contributed to the system via Education Tax, National Housing Trust (NHT) and National Insurance Scheme (NIS) statutory deductions.

• During his presentation to open the 2024/25 Budget Debate, Dr. Clarke said the initiative means that every registered taxpayer who earns $3 million or under will benefit from a reverse tax credit of $20,000.

• The funds will be made available through an online platform to make the process secure and efficient.

(Source: JIS)