YEREVAN, May 10. /ARKA/. On Tuesday, Parliament of Armenia made amendments in the law “On Income Tax” and changes in Civil Code in the second reading with the aim of solution of tax difficulties occurring during the sale of mortgage property.
Deputy Chairman of CBA Nerses Yeritsyan said that today the banks face difficulties in the sale of mortgage, particularly real estate when, regardless of the success of the deal, the bank pays income tax in full size. It can bring to the loss of income of the bank or the creditor.
“The law regulates this problem and defines a balance which will bring to the reduction of risks of the cost of the mortgage or its return. In its turn, it can bring to the increase of credit for this mortgage”, he said. –0–
