The project aims to improve the system of servicing mortgage loans and reduce the duration of income tax return. The Minister of Finance, Vacheh Hovhannisyan, announced in a government session on November 17 that the project will be presented soon. According to the minister, the project proposes that starting from January 1, 2027, income tax return will not be applicable for mortgage loans in certain provinces. The expansion of the income tax return system will be part of a long-term program that aims to extend the period of return for mortgage loans.

Hovhannisyan mentioned that starting from January 1, 2025, the maximum amount of income tax return will not exceed 750,000 drams per month. Prime Minister Nikol Pashinyan referred to the positive impact of the income tax return law on the construction industry and emphasized the need for its continuation in provinces. He highlighted the significant number of families that have acquired housing through the program since 2018 and expressed the hope for the revival of the housing market in the provinces.

Pashinyan stated that the program has already resulted in a return of approximately 35 billion drams of actual income tax as of 2022, with 90 percent of it being attributed to the program for returning income tax on mortgage loans. Rustam Badasyan, the President of the Public Council, specified that the program will start in Yerevan from January 2025. However, during the discussion, it was noted that there were inaccuracies in the construction permit deadlines and limitations in the application of income tax return deadlines. Based on this, Pashinyan instructed to rectify these issues to prevent any negative impacts on the market.

In conclusion, the project aims to enhance the mortgage loan system and streamline the income tax return process. The government of Armenia recognizes the positive impact of the program on the construction industry and housing affordability. By expanding the program to the provinces, they hope to stimulate the housing market and improve the living conditions of the population. With the necessary adjustments to eliminate inaccuracies, the government aims to ensure a seamless implementation of the program.