Monday, March 20 2023 17:41
Alina Hovhannisyan

Vahan Kerobyan: AMD 40 billion were returned to borrowers under 2022  state subsidy program for mortgage loans

Vahan Kerobyan: AMD 40 billion were returned to borrowers under 2022  state subsidy program for mortgage loans

ArmInfo. Under the income tax refund program within the framework of mortgage lending, a total of  40 billion drams was returned to borrowers in 2022.  This was stated by the Minister of Economy of Armenia Vahan Kerobyan during the opening of the international specialized exhibition: " Caucasus:  Building and Reconstruction Expo 2023".

"This is a very high figure. And we can assume that this is the  largest economic program implemented by the government. As a result  of its implementation, the construction sector of Armenia has been  able and can register high growth rates," the minister said.  In this  regard, he stressed that following the results of the past year,  construction work worth 541 billion drams was completed in Armenia  (with an increase of 12.5% over the year).

According to the press service of the Ministry of Economy, Vahan  Kerobyan toured the pavilions of the exhibition and got acquainted  with the presented products.  

In August 2021, the government approved amendments to the tax code of  the Republic of Armenia, which involve the gradual abandonment of the  income tax refund program within the framework of mortgage lending in  Yerevan. As a result, the benefit under the program was canceled from  July 1, 2022. From now on, income tax will not be returned to those  citizens who have decided to purchase an apartment on a mortgage in  the 1st zone of Yerevan (center). From January 1, 2023, the income  tax refund will be canceled for those who purchased housing in the  2nd zone, from July 1, 2023 in the 3rd zone. From January 1, 2025,  the benefit will be canceled throughout the capital. The proposed  restrictions will apply to individual and multi-family residential  buildings built on the basis of building permits issued after January  1, 2022.  

It should be noted that the 19th international specialized exhibition  " Caucasus:  Building and Reconstruction Expo 2023" was held in  Yerevan from March 17 to March 19.  Large construction companies from  Armenia, Russia, Georgia, Ukraine, Belarus, Kazakhstan, Iran, Italy,  Germany, Poland, etc. took part in the exhibition.  The exhibition is  aimed to promote the development of business relations between the  construction companies of Armenia and the countries participating in  the event. 

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