$176mln reimbursed to mortgage-holders under income tax reimbursement  program 

ArmInfo.  About 68 billion drams (about $176 million) have already been returned to 'mortgage holders' under the income tax refund program in Armenia.

"Over 7 months of 2025, citizens have been returned more than 67.8  billion drams of income tax in lieu of mortgage interest, which is  about 19.8 billion drams or 41.2% more than the same period last  year," Eduard Hakobyan, Chairman of the State Revenue Committee (SRC)  of Armenia, wrote on social media.

Recall that the program has been in effect since November 2014:  citizens who purchase housing on the primary market with a mortgage  loan (apartments in new buildings or new private houses) receive an  income tax refund in the amount of mortgage interest.

If in 2015, 273 million drams were allocated for income tax refund,  then in 2022 the number of beneficiaries was 29,199, and the refunded  amount was 36.5 billion drams, in 2023, 51.9 billion drams were  refunded to 38,911 beneficiaries of the program. In total, during  2015-2023, 141.1 billion drams were refunded from the state budget to  citizens who took advantage of the income tax refund program. In  2024, the figure was 68.6 billion drams. In 2025, the refund amount  is expected to reach about 95 billion.

On July 1, 2022, Yerevan started the gradual abolition of the income  tax refund system for mortgage loans.  The process started from the  center of the capital and will be completed by 2025. In early 2024,  the Armenian government proposed to reduce the maximum amount of  income tax that the state returns to the 'mortgage holder' - no more  than 750 thousand within one transaction, instead of the current 1.5  million drams (per quarter), for mortgage transactions from January  1, 2025. In addition, the Armenian authorities want to completely  cancel the income tax refund for mortgage loans from 2029. The  cancellation will be gradual. Thus, after January 1, 2027, income tax  on mortgage loans in the primary market will not be refunded if the  property is located in the regions adjacent to the city of Yerevan -  Aragatsotn, Ararat, Armavir and Kotayk. From January 1, 2029, tax  refunds will not apply to other regions either. The restrictions will  not apply to border settlements.