YEREVAN, March 7. /ARKA/. The Armenian government has allocated about AMD 52 billion in 2023 to subsidize income tax refunds to 38,911 recipients who used it to repay mortgage interest, the State Revenue Committee (SRC) reports.

The report said the income tax refunds are given quarterly in the amount of income tax paid by the beneficiaries. Borrowers must buy property in the primary market.

This scheme has been in place since 2015. The value of the real estate must not exceed AMD 55 million. The amount of personal income tax refund should not exceed AMD 1.5 million for 3 months.  ($1 - AMD 403.94).