YEREVAN, March 18. / ARKA /. VTB Bank (Armenia) has joined a government-designed program to refund income taxes to persons repaying mortgage loans.
The Russian-owned bank said all its customers who have been provided with mortgage loans starting from November 1, 2014 for building or buying homes may ask the bank to certify the amount of interest they have paid on mortgage loan to provide the document to tax authorities.
Under the corresponding law and a government decision both adopted in late 2014 this offer covers all hired employees, private entrepreneurs or notaries.
The compensation is refunded to hired employees once a quarter, while private entrepreneurs and notaries could claim it once a year.
The bank said the law applies also to new customers who will be provided with mortgage loans.
VTB Bank (Armenia) is a 100% subsidiary of Russian VTB Bank. It runs 67 branch offices throughout Armenia, more than any other local bank.
The bank’s assets in late 2014 stood at 379.6 billion drams (a 25.6% year-on-year increase); its liabilities were worth 334.8 bln drams (26.3% growth), total capital stood at 44.7 bln drams (20.2% growth), loan investments – were worth about 244.3 bln drams (11.6% increase). The 2014 profit of the bank amounted to 777.14 mln drams, as compared to 5.6 bln drams in 2013. ($1 – 479.46 drams). —0-
