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.
