Some restrictions that are in the Tax Code of Armenia do not allow large families to compensate for their mortgage payments due to income tax on their salaries, said Bright Armenia party MP, the author of the document Mane Tandilyan at the Armenian parliament.
According to her, interest rates on mortgage loans cannot be compensated if the cost of the house exceeds $ 55 million or exceeds AMD 1.5 million for the first quarter. In her opinion, the problems do not end there, since similar restrictions arise for construction companies.
“As a result, realizing that any restrictions constantly arise, they begin to find solutions that are often not the best,” the deputy noted.
Tandilyan also noted that problems arise in terms of increasing the risks of possible abuse. So, the documents indicate lower prices than they actually are.
“Citizens simply can not afford housing for a higher amount, therefore, often, a lower threshold is indicated. Obviously, in this case we have losses both on the issue of VAT and income tax,” she added proposing to abandon all these restrictive measures in order to simplify the implementation of this process.
However, My Step MPs refused to support the legislative initiative of Tandilyan, explaining that in this case, the state budget, at such a pace and in this regard, simply does not have funds left to return the sums of income tax to citizens.