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Amendment to Tax Law to phase out tax break for mortgage loans
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The Armenian National Assembly today adopted in the first reading the draft law proposed by the Government, which proposes to gradually limit the income tax return system aimed at repaying the mortgage loan interest rate in Yerevan, and to remove it in 2025.
In particular, the draft proposes to establish that the income tax refund will not be applicable for the loans received after July 1, 2022, if the property is located in the first zone of the city of Yerevan (Kentron and Arabkir districts). The same rule will be later applied for other districts of Yerevan.
In g his speech in parliament, Deputy Minister of Economy Arman Poghosyan explained the reasons for that decision. He said that developers have started projects almost only in Yerevan, and that the provinces have been completely ignored. During the implementation of the law, Yerevan accounted for 93% of housing construction, while only 7%, in provinces, and mainly houses in resort towns (Tsakhkadzor and Dilijan).
The draft law was adopted by 59 votes against 22.
