Repayment/Adjustment of Overpayment of Taxes for Income Year 2024
Public Notice for the Private Sector
The introduction of the revised rates and increase in tax threshold for Income Year 2024, resulted in the reduction of Personal Income tax to be deducted from the remuneration paid to employees for the Tax year January to December 2024. The necessary legislative amendments and the revised Tax Tables were not implemented until August 2024. This has resulted in the overpayment of taxes for the period January to July 2024.
Employers are therefore advised to make the necessary adjustments for the overpaid PAYE taxes to be deducted by December 2024. This will ensure that employees receive the immediate benefit of the revised taxes within this Calendar year. An example of the calculation can be found on our website, mcrs.ms. You can also request an electronic copy of the example by emailing us at irev@gov.ms.
Employers who require assistance can prepare a schedule with the calculations showing the extent of the overpayment for each employee and the adjustments to be made by December 2024. The calculations will be verified by the Inland Revenue Department and resubmitted to the Employer.
Employers can email the schedule to the Inland Revenue Division at irev@gov.ms to allow the calculations to be verified.
All employers and employees are reminded the reduced level of PAYE caused by the deduction of the overpayments will be temporary. PAYE payments will return to levels outlined by the increased threshold and revised rates once each employee’s overpayments have been resolved.
Please contact the department Tel No: 664-491-2463 or 664-491-3211 or by email if you are experiencing issues with the calculation or need additional support or clarification, so we can provide the necessary guidance.
The absolute deadline for all related adjustments is 31st December 2024.
A template for calculating over paid PAYE for Jan – Jul 2024 can be downloaded here.
