What Changes Await in Income Tax Refunds Starting January 1?
Starting January 1, 2025, several changes will be introduced to the income tax refund process for mortgage loans, these changes will exclusively apply to mortgages obtained after January 1, 2025, and will not affect beneficiaries who received their mortgages before this date. This information was shared by the State Revenue Committee.
From 2025 onward, the income tax refund for mortgage loans will no longer apply if the property is located, being constructed, or planned for construction within the administrative boundaries of Yerevan. However, the program will continue to operate in the regions.
Individuals eligible for income tax refunds must have registered employment and purchase a home directly from a developer (or construct it themselves). Additionally, the price of the purchased property must not exceed 55 million AMD, and the total amount of refunded income tax for three months should not exceed 1.5 million AMD.
The Main Restriction Is Geographical
In several districts of Yerevan, the income tax refund is already unavailable. For example, the law no longer applies in Kentron, Arabkir, and certain parts of Kanaker-Zeytun. Starting January 1, 2025, the law will no longer apply to properties purchased in Yerevan. However, this benefit will remain accessible in the regions until the end of 2029.