YEREVAN, January 23. /ARKA/. Some 36bln drams of personal income tax were refunded to 29,000 mortgage borrowers in Armenia in 2022, the State Revenue Committee said in a report on its performance in 2022.
The number of beneficiaries of this government-backed scheme has increased dramatically in recent years from only 2,400 in 2017. The personal income tax rate has dropped to 20% starting from January 1, 2023 from 21% in 2022.
Under the government-designed scheme mortgage borrowers are eligible to use their personal income tax to repay mortgage interests.
The limit on the cost of housing purchased under the scheme from the primary real estate market is 55 million drams, while the limit on the refund amount is no more than 1.5 million drams per quarter.($1 – 396.66 AMD) –0–.