The Refundable Income Tax Program for Mortgage Loans Has Become a Headache for the Budget: 'Zhoghovurd'

'Zhoghovurd' newspaper writes: 'The refundable income tax program for mortgage loans has become a real headache for the state budget. Prime Minister Nikol Pashinyan stated during a Q&A session with the National Assembly that one of the MPs suggested to halt the program in its current form: 'The additional money we’re supposed to give to citizens will be used for social housing construction. This is an idea we are discussing.' This program was established during the administration of former Prime Minister Hovik Abrahamyan under the justification of revitalizing capital construction.

It should be noted that discussions initiated by the government regarding halting the program have raised significant concerns among young families benefiting from it. However, MP Artak Manukyan from the 'My Step' faction assured in an interview with 'Zhoghovurd': 'Those who benefit from this program will continue to do so.'

Additionally, 'Zhoghovurd' learned that another MP from the 'My Step' faction, Hovik Aghazaryan, will soon present a different proposal to the government: 'In about 10 days, I will finalize it and send it to the government. I propose that this right remains applicable for apartments worth up to 30 million drams.'

However, his proposal lacks a provision regarding the secondary market: 'No, no... I’m thinking about it, but I believe it wouldn’t be appropriate, as it would lead to abuses. In other words, I can make a fictitious transaction stating that I bought an apartment from a relative or a friend, which would allow me to circumvent paying the income tax.' It should be noted that if the threshold of 55 million drams is reduced to 30 million drams, many young families will benefit from the program and become homeowners, but they will still need to find a house at that price, which is quite difficult.'

For more details, see today’s issue of the newspaper.