The Armenian government decided on Thursday, August 12 to restrict the income tax return program on mortgages.

The limitations will take effect from July 1, 2022. From this moment on, the income tax will not be refunded in the 1st zone of Yerevan (the city center), from January 1, 2023, the 2nd zone will be left out, from July 1, 2023 - the 3rd zone, and from January 1, 2025 - the whole city.

The program has been benefiting homeowners for 5 years. In the past two years, the number of its beneficiaries has increased dramatically, reaching a total of 17,000 as of now.

Weighing in on the sustainable and equal development of the provinces, Prime Minister Nikol Pashinyan noted that in some Armenian settlements no residential buildings have been built in the past 30 years.

Pashinyan said in April that young families in the provinces of Armenia will be able to receive mortgage support for up to 70% of the cost.