YEREVAN, February 13. /ARKA/. From 2018 to 2026, approximately 300 billion drams have been transferred to Armenian citizens under the income tax refund program for mortgage interest repayments, announced Minister of Labor and Social Affairs Arsen Torosyan.
As Torosyan noted in a Facebook live post, the number of beneficiaries of this program from November 2014 to the end of June 2018 was 3,363 people, and the refunded amount was 6.1 billion drams.
“From July 1, 2018, to January 1, 2026, the number of beneficiaries was 70,520, and the amount returned was 299.3 billion drams,” Torosyan said.
The minister believes these figures demonstrate the trust in state institutions on the part of both developers and program participants.
About the program
Since 2015, Armenia has been implementing a program for paying off mortgage interest (on new buildings) by refunding income taxes paid to the state budget. There is a property price cap of 55 million drams, and the tax refund is limited to no more than 750,000 drams over three months for loan agreements concluded after January 1, 2025.
The income tax refund system is being phased out on a regional basis.
1) Yerevan – for mortgages received after January 1, 2025 (if the property is located within the capital’s administrative territory).
2) Aragatsotn, Ararat, Armavir, and Kotayk regions – for mortgages received after January 1, 2027 (if the property is located within the administrative territories of these regions).
3) Other regions – for mortgages received after January 1, 2029 (if the property is located within the administrative territories of the Shirak, Lori, Tavush, Gegharkunik, Vayots Dzor, and Syunik regions). ($1 = 377.57 drams).
