YEREVAN. – Three parliamentary factions – Prosperous Armenia, Heritage and ANC – will initiate holding special parliamentary session to debate law on turnover tax, head of Heritage faction Ruben Hakobyan said after their meeting on Friday.

Hakobyan said the factions support small business representatives who are staging protest actions demanding that the new law must be annulled.

“On behalf of the three factions, I want to say that we would support traders in their demands. We ask them to stand in front of the parliament during the special session,” he said, adding that three factions will ask for a meeting with speaker to discuss the matter.

As reported earlier, pursuant to the amendments to the Law on Turnover Tax, which has come into force in Armenia on October 1, 2014, the tax rate for businesses in the country has dropped from 3.5 percent to one percent. But, now, the businesses will have to submit documents on their commodity circulation. The amendments have caused a considerable protest among the country’s small and medium-sized merchants.