On Thursday, August 12, the Armenian government decided to limit the income tax refund program on mortgages.
The restrictions will come into effect on July 1, 2022. From this moment, income tax will not be returned in the 1st zone of Yerevan (city center), from January 1, 2023, the 2nd zone will be excluded, from July 1, 2023 – the 3rd zone, and from January 1, 2025 – the entire city.
The program has been benefiting homeowners for 5 years. Over the past two years, the number of its beneficiaries has increased dramatically and currently has reached 17,000 people.
Stressing the importance of sustainable and equitable development of the regions, Prime Minister Nikol Pashinyan noted that no houses have been built in some Armenian settlements over the past 30 years.
In April, Pashinyan said that young families in the regions of Armenia will be able to receive mortgage support up to 70% of the cost.