What is a Reverse Tax Credit
Reverse Tax Credits are grants/cash rebates that are given to those who earn less than the basic personal allowance.
Who qualifies for Reverse Tax Credit (RTC)?
- Individuals who are residents of Barbados;
- Earns $25,000 or less yearly but not more than $2083.33 monthly;
- You have worked for at least four months during the income year and earned a minimum of $1000.00 monthly or $250.00 weekly.
Who does not qualify for a Reverse Tax Credit?
- Directors
- Self-employed persons
- Persons who earn income from goods and services
What do I need to file for a Reverse Tax Credit (RTC)
- You will need a valid TAMIS-issued Tax Identification Number (TIN).
- Your username and password.
- Your spouse’s valid TAMIS-issued TIN (where applicable).
Please note that you must file for your RTC within two years. For example, a 2020 RTC must be filed by December 2022.