2024-04-10 12:52:24
From 2027, the income tax refund system for mortgage loan interest payments will not work in marzes adjacent to Yerevan, and in other marzes from 2029, with the exception of border settlements. Deputy Minister of Finance Arman Poghosyan presented the draft law on amendments to the Tax Code at the session of the NA Economic Affairs Committee.
The deputy minister reminded that at the end of 2021, a law was passed, which established that the use of the system will be stopped in Yerevan on a certain schedule. The deadline was January 1, 2025, meaning there would be no more mortgage service interest refunds on loans after that.
“Approximately with the same logic, but with longer terms, it is proposed to have the same solution for marzes. For marzes adjacent to Yerevan, it is proposed to stop applying the privilege for mortgage loans received after January 1, 2027, and for the rest of the marzes, after January 1, 2029, with an exception for border settlements,” said Poghosyan, adding that the project proposed the regulation will not be given retroactive effect.
There is also a change in the quarterly maximum limit of refundable income tax.
The legislation now sets it at 1.5 million drams, the project proposes to reduce it to 750,000 drams.
The deputy minister presented statistics that the year 2023 was concluded with the return of income tax of about 52 billion drams, in 2022 the number was 36.5 billion drams. Around 80 billion drams are estimated for this year.
The project received a positive conclusion in the commission and will be discussed in the plenary session.