Andrew Holness Announces Reverse Income Tax Credit to Support Low-Income Earners

Kingston, Jamaica — Prime Minister Andrew Holness has unveiled a new financial support initiative aimed at assisting low-income earners. In a tweet posted on October 3, 2024, Holness announced the launch of the Reverse Income Tax Credit, a program designed to provide registered taxpayers who earned less than $3 million in 2023 with a $20,000 grant.

“Your Government cares for you and is providing direct support where it’s needed most,” the Prime Minister emphasized in his message, highlighting the government’s ongoing efforts to create an economy that works for all Jamaicans. The initiative is part of Holness’ broader plan to support those struggling with the rising cost of living and to ease the financial burden on vulnerable households.

Yesterday, we launched the Reverse Income Tax Credit! 🇯🇲

Registered taxpayers who earned less than $3 million in 2023 can now receive a $20,000 grant.

Your Government cares for you and is providing direct support where it’s needed most.

Let’s continue building an economy that… pic.twitter.com/WBcBxbBn2Q

— Andrew Holness (@AndrewHolnessJM) October 3, 2024

Eligible individuals must be registered taxpayers and have earned below the threshold in the previous year. This move is expected to benefit thousands of Jamaicans, offering timely assistance ahead of the festive season and giving a boost to low-income families.

Holness’ administration has been focused on economic reform, ensuring that economic growth benefits every Jamaican. The introduction of this grant serves as an example of this commitment, with the government striving to build an inclusive and supportive financial environment.

The announcement has sparked positive feedback from citizens, many of whom praised the government for addressing the needs of the lower-income demographic.

As the rollout begins, the government is expected to provide further details on how eligible citizens can access this grant in the coming days.

This program is just one of several measures Holness’ administration has introduced to alleviate poverty and promote financial stability in Jamaica.