Armenian government revises tax benefits for mortgage lending

ArmInfo. The Armenian  government is reviewing tax benefits for mortgage lending. The  corresponding decision was made on November 23 at a meeting of the  Cabinet of Ministers of the country.

Finance Minister  Vardan Aramyan recalled that, according to the current law, regardless  of the identity of the buyer and the number of transactions with  housing, interest on a mortgage loan was returned at the expense of  the state budget and taxpayer's funds. "We decided to narrow the  circle of beneficiaries, considering that only low and medium-level  social actors should take advantage of this opportunity," Aramyan  said.

According to him, limitations are included in this initiative. In  particular, interest will not be compensated for a transaction  exceeding 55 million AMD. This possibility cannot be used also if the  person or co- borrower purchases a second apartment.